Suppose a government wants to reduce its budget deficit. It could ________.
A. encourage home production
B. decrease taxes
C. reduce the number of activities that are considered illegal
D. increase government spending
Answer: C
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When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs?
A. 0.2 B. 66.67 C. 2 D. 5
According to this Application, China's GNP per capita and India's GDP per capita are ________ U.S. GNP per capita
A) within 5 percentage points of B) now equal to C) still significantly less than D) now greater than
What causes a production possibilities frontier to shift inward?
What will be an ideal response?
The price-elasticity of demand is always negative because of:
A. The law of demand B. Percent-changes being used in the formula C. The midpoint formula D. Scarcity