Fill in the blank: Since millions of people now use email as opposed to traditional "snail mail," the price elasticity of demand for the Post Office's first class letter service tends to ________
A) decrease
B) increase
C) increase in the short run but then decrease in the long run
D) leave unchanged
B
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Based on the production data for Pat's Pizza Parlor in the above table, the marginal product of the 4th worker is ________ pizzas
A) 5 B) 8 C) 10 D) 45
If a currency is allowed to move freely until it violates economic fundamentals, that currency is said to have
A) a managed float. B) a free floating system. C) a currency board. D) a stable basket.
A country has a comparative advantage in producing a good when it has the lowest opportunity cost of producing that good
a. True b. False Indicate whether the statement is true or false
If the market interest rate is 5% and a bank advertises loans at 12%, the bank will receive
A) no applications. B) applications from mostly low-risk borrowers. C) applications from mostly high-risk borrowers. D) a moral hazard.