When the price of pistachio nuts is $7.50 per lb. the quantity demanded is 48 lbs. When the price of pistachio nuts is $9.00 per lb. the quantity demanded is 40 lbs
When the midpoint formula is used to measure the price elasticity of demand we can say that the demand for pistachio nuts is
A) completely inelastic. B) relatively, but not perfectly, elastic.
C) unit elastic. D) relatively, but not perfectly, inelastic.
C
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The reserve ratio is 10 percent. If the bank receives a customer deposit of $100,000, then an immediate effect is
A) a reduction in the bank's total assets of exactly $10,000. B) no change in the bank's total assets or total liabilities. C) a reduction in the bank's total liabilities of exactly $10,000. D) an increase in the bank's reserves of exactly $10,000.
Average variable cost can be calculated using any of the formulas below except
A) ?(TC - FC)/?Q. B) TVC/Q. C) (TC - FC)/Q. D) (TC/Q) - AFC.
If a country's income level is high:
A. it must be well-endowed with natural resources. B. it must have a high level of growth. C. it usually has a high level of GDP per capita. D. All of these are true.
Goods used up entirely in the production of final goods are
A. production goods. B. process goods. C. inventory goods. D. intermediate goods.