The perfect competitor's demand curve is
A. perfectly elastic.
B. perfectly inelastic.
C. highly elastic.
D. highly inelastic.
A. perfectly elastic.
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Which of the following is explained by the law of diminishing marginal utility?
A) The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her friend Margie's third pretzel. B) The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her third pretzel. C) The total utility of one bottle of Coca-Cola is greater than the total utility of two bottles of Coca-Cola. D) The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her third bottle of Coca-Cola.
How do economists measure the "openness" of an economy? Explain if the U.S. economy has become more or less "open" over the past 60 years?
What will be an ideal response?
Few nations belong to both the World Trade Organization and regional trading agreements.
Select whether the statement is true or false. A. True B. False
Suppose that in some state the civilian, non-institutionalized adult population is 4 million, the labor force participation rate is 75%, and 250,000 people are unemployed. What is the unemployment rate (to the nearest tenth)?
A) 6.3% B) 7.7% C) 8.3% D) 9.1%