Most Americans experience significant fluctuations in their economic well-being from one year to the next
a. True
b. False
Indicate whether the statement is true or false
True
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The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P. Suppose the economy is closed. The equilibrium price of a car is ________ and equilibrium quantity is____.
A. $8,000; 12,000 B. $6,000; 14,000 C. $12,000; 8,000 D. $10,000; 10,000
If the demand for a steak is unit elastic, then
A) the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value). B) quantity demanded does not respond to changes in price. C) the percentage change in quantity demanded is equal to the percentage change in price. D) the percentage change in quantity demanded is 1 percent greater than the percentage change in price.
A decrease in stock prices alters the consumption function by:
A. decreasing the vertical intercept. B. decreasing the slope. C. increasing the vertical intercept. D. increasing the slope.
Which form of intellectual property protects a drug manufacturer against a rival stealing its brand name?
A. Copymark B. Copyright C. Patent D. Trademark