The price elasticity of demand measures the
a. magnitude of the response in quantity demanded to a change in price.
b. direction of the shift in the demand curve in response to a market event.
c. size of the shortage created by the increase in demand.
d. responsiveness of quantity demanded to a change in income.
a
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The above table shows some cost data for Tracey's Tents. What is the average total cost when output is 3?
A) $120 B) $30 C) $40 D) $50
Which of the following would be represented as a debit in the U.S. balance of payments?
a. U.S. purchase of cars from Italy b. U.S. sale of beef to Israel c. U.S. government receives transfers from foreign governments to support U.S. expenses incurred in Europe d. U.S. residents receive gifts of money from friends abroad e. income received by U.S. resident from overseas investment
The growth rate of productivity is the most important determinant of material well-being in the short run
a. True b. False Indicate whether the statement is true or false
Compared to high-income families, low-income families tend to have
a. more earners per family. b. fewer persons per family. c. more full-time workers per family. d. both b and c.