Refer to Figure 12-1. If the firm is producing 200 units
A) it should increase its output to maximize profit. B) it is making a loss.
C) it breaks even. D) it should cut back its output to maximize profit.
A
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If the income elasticity of demand for spaghetti is -1.3, then spaghetti
A) is a normal good. B) is an inferior good. C) has an elastic demand. D) is income elastic.
Which of the following statements is TRUE about income and wealth?
A) Income is a flow measure and wealth is a stock measure. B) Income is a stock measure and wealth is a flow measure. C) Both income and wealth are flow measures. D) Both income and wealth are stock measures.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run supply shock. C. short-run demand shock. D. long-run demand shock.
If the dollar price of the English pound goes from $1.30 to $1.10, the dollar has
a. appreciated, and the English will find U.S. goods cheaper. b. appreciated, and the English will find U.S. goods more expensive. c. depreciated, and the English will find U.S. goods cheaper. d. depreciated, and the English will find U.S. goods more expensive.