The elasticity of demand for gasoline has been estimated to be 2.0, and the standard error is 1.0. The upper and lower bounds on the 95 percent confidence interval for the elasticity of demand for gasoline are:
A. 3 and 2.
B. 3 and 1.
C. 2 and 1.
D. None of the statements is correct.
Answer: D
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The two leading countries of origin of U.S. legal immigrants in 2011 were Mexico and:
A. China B. India C. The Dominican Republic D. The Philippines
Suppose that average labor productivity in Country C is $6,000, and that Countries C and A have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country A?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. $2,400 B. $1,800 C. $5,000 D. $7,200
In which of the following examples are property rights not well established?
a. Carmen smokes a cigarette outside the door to her office building. b. Carlita stocks shelves in a grocery store. c. Cameron watches a movie in his home theater room. d. Cathy docks her boat at her lake house.
The relationship between the quantity of inputs and the quantity of outputs is called a:
A. production function. B. profit function. C. resource function. D. cost function.