Suppose that the elasticity of demand for newspapers is 2.0 and quantity demanded decreases by 40%. What must the percentage increase in price have been?
A. 2%
B. 20%
C. 80%
D. 200%
Answer: B
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According to Hughes and Cain (2011), taxation can be a form of forcible seizure of property, under certain circumstances
Indicate whether the statement is true or false
Which of the following statements is most accurate about immigration in the 20th century?
a. The largest numbers of immigrants were during the "boom decades" like the 1920s, 1960s, and 1990s. b. The number of immigrants decreased from 1900 until the Great Depression, increased consistently between 1940 and 2000, and is now about the same as it was in 1900. c. Immigration was greatest during World War I and World War II as many people from around the world fled to the United States for safety. d. Immigration has decreased dramatically in the last 30 years as the federal government instituted more restrictions and cracked down on illegal immigration.
Tradable pollution permits
a. have prices that are set by the government. b. will be more valuable to firms that can reduce pollution only at high costs. c. are likely to create a higher level of total pollution. d. are less desirable than command-and-control policies to reduce pollution.
What is the main role of economic profits?
A. To help consumers cover their opportunity cost B. To signal where resources are most highly valued C. To help firms cover their production costs D. None of the statements associated with this question are correct.