A perfectly elastic demand curve is represented by a vertical line
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is a macroeconomic concept?
A) The elasticity of supply of a good B) The per capita income of a country C) The average revenue earned by a firm D) The income elasticity of demand for a good
Assume that two countries are considering trading with each other for the first time. Also assume that one of the countries has an absolute disadvantage in producing everything compared to the other country
How would it still be possible for these two nations to benefit from trade with each other?
Assume that a health spa can earn an additional $35,000 of revenue each year from advertising every day in a local newspaper. What must the additional cost of this daily advertising be to make this advertising economically rational?
What will be an ideal response?
The income approach to GDP equals
A. Employee Compensation - Profit - Net Property Income - Indirect Business Taxes - Depreciation - Income Earned Abroad. B. Consumption + Gross Investment + Government Purchases + Net Exports. C. Employee Compensation + Profit + Net Property Income + Indirect Business Taxes + Depreciation - Income Earned Abroad. D. Consumption + Net Investment (Gross Investment-Depreciation) + Government Purchases + Net Exports.