Price elasticity of demand is a numerical measure of how much quantity demanded rises as price falls or quantity demanded falls as price rises.
Answer the following statement true (T) or false (F)
True
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Nearly _____________ of the world's people have never made a phone call.
Fill in the blank(s) with the appropriate word(s).
In 1975, New York City increased regulated taxi fares by 17.5 percent and expected taxi revenue to increase a like amount. The taxi commission believed taxi demand was
a. unit elastic. b. inelastic. c. elastic. d. perfectly inelastic.
The theory of comparative advantage describes the role of national resource availability on domestic competitiveness
Indicate whether the statement is true or false
All of the following are reasons countries may be unable to use discriminatory trade practices to enforce labor standards EXCEPT
A) countries can never impose trade barriers on other sovereign nations. B) the WTO requires nations to treat other nations the same. C) a single country may be unsuccessful in convincing members of its trading block to participate in imposing the sanctions. D) retaliation or a full blown trade war might result.