To understand how the colonial economy developed, Hughes and Cain (2011) claim one must understand
(a) what motivated colonists to settle in different locations.
(b) what colonists produced, how much they produced, for whom they
produced and with whom they traded.
(c) the legal system in which they operated.
(d) all of the above.
(d)
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We calculate the price elasticity of demand as the
A) ratio of the percentage change in the quantity demanded to the percentage change in price. B) change in quantity divided by the change in price. C) ratio of the percentage change in the price to the percentage change in quantity. D) percentage change in the quantity demanded divided by the percentage change in income. E) equilibrium quantity divided by the equilibrium price.
In recent years in Russia, the most popular tax system has been
a. graduated rates topping at 13 percent b. a flat rate of 60 percent c. graduated rates topping at 40 percent d. graduated rates topping at 30 percent e. a flat rate of 13 percent
Bonnie is a self employed. She makes floral arrangements in a building she rents. She owns the delivery vehicle and has hired a delivery driver. She is an example of
A. entrepreneurial ability. B. human capital. C. physical capital. D. labor.
Suppose that the value of the long-run absolute elasticity of demand for a good is one. Then, we know the short-run absolute price elasticity of demand will be
A) inelastic. B) greater than one. C) elastic. D) less than one.