If a 35 percent increase in price of golf balls led to an 42 percent decrease in quantity demanded, then the demand for golf balls is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) unit elastic.
A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
Bill owns a lawn-care company in Windermere, Florida, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed
If Bill's average total cost curve is ATC, his total economic ________ equals ________. A) loss; $800 per week B) profit; $1,280 per week C) profit; $480 per week D) loss; $1,280 per week E) profit; $32 per week
Holding other things constant, an increase in the inflation rate in US compared to the Chinese economy may cause the demand for dollar to _____________ and the supply for dollar to __________
a. Increase; decrease b. Increase, increase c. Decrease; Increase d. Decrease; Decrease
In the circular-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production
a. True b. False Indicate whether the statement is true or false