Refer to Figure 6-9. The data in the diagram indicates that DVDs are
A) luxury goods.
B) inelastic goods.
C) necessities.
D) both luxury goods and inelastic goods.
E) both necessities and inelastic goods.
A
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Generating electricity creates air pollution. This industry, if left unregulated, will produce at an inefficient market equilibrium because
A) there is a deadweight loss. B) supply is not equal to demand. C) too little output is produced. D) the marginal social benefit is greater than the marginal social cost.
If one euro is equal to 0. 60 U.S. dollars, what would be the euro price of a car that costs $10,000?
A. 10,000 euros. B. 60,000 euros. C. 5,000 euros. D. 16,667 euros.
If nominal GDP rises from $550 billion to $600 billion, then
A. The economy has definitely experienced inflation. B. The economy has definitely experienced economic growth. C. The economy has definitely not experienced economic growth. D. It is not possible to determine if the economy has experienced economic growth or inflation.
Acres of LandTanks of FertilizerTruckloads of Potatoes2002820170202105203135204152205141
Refer to Table 2.4. The principle of diminishing returns sets in with the addition of the ________ tank of fertilizer.
A. second B. third C. fourth D. fifth