Suppose that the absolute price elasticity for cookies equals 0.9. We could then say that the demand for cookies is
A) elastic.
B) inelastic.
C) unit-elastic.
D) perfectly elastic.
Answer: B) inelastic.
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The health care system in Canada is referred to as ________, and is a system in which the provincial governments provide national health insurance to all Canadian citizens
A) a single-payer system B) a universal health insurance system C) socialized medicine D) a private health care system
Refer to Figure 2-13. What is the opportunity cost of producing 1 ton of coconuts in Costa Rica?
A) 3/8 of a ton of pineapples B) 2/3 of a ton of pineapples C) 1 1/2 tons of pineapples D) 100 tons of pineapples
The total value of goods and services produced within a nation's borders, measured in constant prices refers to:
A. Nominal GDP. B. Real inflation. C. Per capita GDP. D. Real GDP.
A cost of inflation is that it:
A. reduces the informational content of prices. B. makes everyone poorer. C. makes the poor poorer and the rich richer. D. it raises real interest rates.