Depreciation refers to:
a. the value of leisure goods
b. changes in exchange rates.
c. income that we earn but do not receive.
d. investment undertaken merely to replace worn-out capital.
e. the effects of government subsidy programs.
d
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Assume that when the price of good X is $12, quantity demanded is 32. When price is decreased to $9, quantity demanded increases to 45. Over this range, the arc elasticity of demand is 1.182
Indicate whether the statement is true or false
In economics, the cost of something is
a. the dollar amount of obtaining it. b. always measured in units of time given up to get it. c. what you give up to get it. d. often impossible to quantify, even in principle.
When the invisible hand does not produce optimal outcomes for the economy, there is evidence of
A. Government failure. B. Market failure. C. Macroeconomic failure. D. Scarcity.
The supply curve with the greatest elasticity is one with slope of:
A. 1. B. 2. C. 1/2. D. It is impossible to say.