When we put a price tag on goods and services, we are using money as a
A) store of value.
B) medium of exchange.
C) barter token.
D) unit of account.
E) means of payment.
D
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When the price of a good increases by 300%, the quantity supplied of the good increases from 200 units to 900 units. The price elasticity of supply of the good is:
A) 1.17. B) 1.5. C) 3. D) 4.5.
Briefly explain the major argument of the factor endowment trade theory
What will be an ideal response?
An example of a poverty trap is:
A. the malnourished not having enough energy to develop their economy. B. the uneducated leaving the home country for more opportunities. C. those not having basic immunizations dying more from rare diseases. D. All of these are examples of poverty traps.
Mr. Paque is a bear hunter for timber companies that want to diminish damage to trees done by bears in the spring. Due to a reduction in the bear population between 1995 and 2005, Mr. Paque finds fewer bears each year and additional hours spent hunting produce fewer additional bears. With the information given and noting that the bounty on bears has risen, one can conclude that (i) Mr. Paque's
income per hunting hours will fall; (ii) the derived demand for Mr. Paque's services will shift left. a. i and ii b. i not ii c. ii not i d. neither i nor ii