The figure shows the demand curve for popsicles. The price elasticity of demand when the price of a popsicle increases from $0.30 to $0.50 is ________
A) 0
B) 1
C) 1/2
D) 2
B
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An example of a free good is
a. public education. b. CARE packages provided free to poor people overseas. c. the water bubbling up from the natural spring in your backyard. d. the ride you give a hitchhiker.
Production under increasing opportunity costs can result from the two industries using factors of production in different combinations
Indicate whether the statement is true or false
Which of the following examples would most likely lead to significant social, political, and economic problems?
a. levying a 15 percent luxury tax on an industry where consumers have few options b. levying a 15 percent luxury tax on an industry where consumers have many options c. levying a 5 percent sales tax on an industry where producers have many options d. levying a 5 percent sales tax on an industry where producers have few options
All Pittsburgh police officers must go through the same training program, but police officers assigned to the narcotics squad earn 10% more than police officers assigned to guard the city courthouse. This 10% difference in pay is an example of a
A. human capital differential. B. transfer payment. C. compensating differential. D. utility differential.