Specialty chocolate bars with a high cocoa content have been drawing a lot of attention in gourmet circles in 2008 but the price of cocoa beans has increased more than 44 percent in this time period
In response to the increase in the price of cocoa beans, Rogue Chocolatier has increased the price of their gourmet chocolate bars by 20 percent. Rogue observes the quantity of their bars sold decreased by 15 percent. Based on this news clip, what does the price elasticity of demand for gourmet chocolate bars equal? A) 0.75
B) 1.25
C) 1
D) 0.66
A
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Economists at the Congressional Budget Office estimated that for 2015, the U.S. natural rate of unemployment was
a. 2.8% b. 3,.6% c. 4.9% d. 6.2%
The ______ believed that our economy was self-regulating and argued against government interference with its operations.
A. classical economists B. supply-side economists C. Keynesians D. economic behaviorists
Exhibit 6-1 Business cycle
In Exhibit 6-1, the recovery phase of the business cycle can be represented by points:
A. A. B. C. C. E to G. D. C to E.
The total fixed cost curve:
A. varies with the quantity of inputs used. B. decreases with output. C. increases with output. D. remains constant regardless of output.