A very small percentage of GDP tends to come from the service sectors in poor countries.
Answer the following statement true (T) or false (F)
False
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Suppose that along a linear demand curve, the elasticity of demand is equal to 1 when the price is $4 and the quantity is 100 units. Then the
A) total revenue is at its maximum when 100 units are produced. B) marginal revenue is positive at 100 units. C) marginal revenue is negative at 100 units. D) Both answers A and B are correct. E) Both answers A and C are correct.
A trade deficit experienced by a country during a year generally signals the poor health of the economy
a. True b. False Indicate whether the statement is true or false
Supply-side policy to reduce inflation would focus on
A. Decreasing the interest rates to encourage investment. B. Increasing the incentives to produce goods and services. C. Decreasing the money supply. D. Raising marginal tax rates to reduce aggregate demand.
Recall the Application about the break-even price for growing switchgrass, a perennial grass that is native to the U.S. plains states and is used to create biofuel, to answer the following question(s).Recall the Application. If the minimum average variable cost for switchgrass farmers is $40 per ton and the current price is $35 per ton, in the long run the switchgrass farmer will:
A. exit the industry. B. operate and lose money. C. make a positive economic profit. D. make a zero economic profit.