If a graph has a line that shows the amount of outsourcing in the last ten years, it is known as
A) a pie chart. B) a demand curve for outsourcing.
C) a time-series graph. D) a supply curve of outsourcing.
C
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When does a decrease in supply raise the price more: When demand is elastic or when demand is inelastic? When OPEC decreases the supply of oil, the price of gasoline skyrockets. Hence is the demand for gasoline elastic or inelastic?
What will be an ideal response?
Brett buys a new cell phone for $100. He receives consumer surplus of $80 from the purchase. How much does Brett value his cell phone?
A) $180 B) $100 C) $80 D) $20
When comparing public and private schools, the voluntary choice of going to a private school _____
a. is a Pareto optimal move b. is a Pareto superior move c. is neither Pareto optimal nor Pareto superior d. cannot be evaluated according to the Pareto criteria
Between the 1880s and the early 21st century, U.S. productivity increased at a constant annual rate
a. True b. False Indicate whether the statement is true or false