Suppose that in a month the price of pizza increases from $4 to $5. At the same time, the quantity of pizzas demanded decreases from 200 to 190. The price elasticity of demand for pizza (calculated using the midpoint formula) is:
A. 0.1.
B. 0.23.
C. 0.25.
D. 4.35.
Answer: B
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The quantity of goods and services that can be produced by one worker or by one hour of work is known as
A) per-capita GDP. B) labor productivity. C) real domestic output. D) the labor force participation rate.
Imagine that Wingate National is a new bank, and that the legal reserve requirement is 10 percent. If it accepts a $1,000 cash deposit and immediately makes a $100 loan, its demand deposits, before any checks on its accounts are actually written, are
a. $1,000 b. $1,100 c. $900 d. $990 e. $110
Common resources are goods that are excludable, rival, and prone to overuse
a. True b. False Indicate whether the statement is true or false
Refer to the above figure. Profits for this firm are negative
A. for all points less than B and greater than C. B. only for all points less than B. C. for points between B and C. D. only at points B and C.