The elasticity measure that has been employed by the courts to assess the degree of market competition is
A. price elasticity of demand.
B. income elasticity of demand.
C. cross elasticity of demand.
D. inverse elasticity of demand.
Answer: C
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The investment schedule shows the
A. amounts business firms collectively intend to invest at each possible level of real GDP. B. positive relationship between the expected rate of return and the quantity of investment demanded. C. rate of interest that business firms must pay when they make investments in capital goods. D. inverse relationship between the expected rate of return and the quantity of investment demanded.
Betsy graduates from college, where she earned $3,000 a year working part-time, and takes a job as a third grade teacher, where she now earns $30,000 per year. About the same time she received her first paycheck, her bicycle was stolen. With her old income she would have purchased a new bike but with her new income she purchased a new car. Therefore,
a. bicycles are a normal good for Betsy b. automobiles are an inferior good for Betsy c. automobiles are a normal good for Betsy d. Betsy's supply curve for automobiles is upward-sloping e. bicycles and automobiles are complementary goods for Betsy
Currently, the case for increasing infrastructure spending in the United States is:
A. only compelling during economic downturns. B. not compelling during an economic downturn. C. compelling even when the economy is at full employment. D. only compelling when the economy is at full employment.
China has 20 percent of the world's population and 10 percent of the world's farmable land. Which of the following will be predicted by the Heckscher-Ohlin theory if China begins to trade with other countries?
A. China will export capital-intensive goods like automobiles and import labor-intensive goods like clothing. B. China will export land-intensive goods like wheat and import labor-intensive goods like clothing. C. China will shift resources into the production of agricultural goods and away from manufactured goods. D. China will shift resources from the production of agricultural goods to the production of labor-intensive goods.