Figure 7-7
In Figure 7-7 at 100 units, AFC equals
A. 10.
B. 100.
C. 180.
D. 1,000.
Answer: A
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Each week Bill buys exactly 10 hot dogs regardless of their price. Bill's own price elasticity of demand for hot dogs IN ABSOLUTE VALUE is:
A. 1. B. greater than 1. C. zero. D. less than 1.
Refer to above figure. Would you expect to find that the real wages become equalized in both countries? Explain the reason for any differences you note
What will be an ideal response?
Which of the following statements about monopoly is false?
A) A single firm serves the market. B) There are no close substitutes for the monopolist's output. C) There are usually significant barriers to entry. D) Because there is a single firm serving the entire market, the monopolist can charge whatever price it wants to for its output.
Due to the multiplier effect, a decrease in investment spending
a. is greater than the resulting decrease in GDP b. has a minimal impact on the economy c. causes the money supply to increase d. leads to an even larger decrease in output e. results in increased autonomous consumption