As the price of dvds is raised from $3 to $5, their quantity demanded fell from 200,00 . to 180,000 . The elasticity of demand of dvds is:
a. 0.21
b. 1.28
c. 3.52
d. .65
a
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Refer to Table 1-2. What is Thuy Anh's marginal benefit if she decides to stay open for an extra three hours instead of two hours?
A) $0 B) $20 C) $25 D) $45 E) $70
Domestic producers of goods that compete with imports benefit from protectionism in the short run
a. True b. False
In a situation of excess supply in the labor market, there are:
a. many applicants for every job opening; employers will have an incentive to offer lower wages than they otherwise would have. b. few applicants for every job opening; employers will have an incentive to offer lower wages than they otherwise would have. c. many applicants for every job opening; employers will have an incentive to offer higher wages than they otherwise would have. d. few applicants for every job opening; employers will have an incentive to offer higher wages than they otherwise would have.
Suppose an economy produces only smart phones. If the price level falls, the value of currency
a. rises, because one unit of currency buys more smart phones. This is called deflation. b. rises, because one unit of currency buys more smart phones. This is called inflation. c. falls, because one unit of currency buys fewer smart phones. This is called deflation. d. falls, because one unit of currency buys fewer smart phones. This is called inflation.