The midpoint method is used to calculate elasticity between two points because it gives the same answer regardless of the direction of the change
a. True
b. False
Indicate whether the statement is true or false
True
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Attempts by special-interest groups to gain favorable treatment from government are called
a. utility maximizing b. profit seeking c. rent seeking d. profit maximizing e. rent minimizing
Firms in industrial countries find a larger market for their goods in other industrial countries than in developing countries because:
a. the consumption patterns in the industrial countries are highly heterogeneous. b. the trade policies of the industrial nations are more favorable than the developing countries. c. the industrial countries tend to have a higher population than the developing countries. d. the industrial countries are capital intensive countries. e. the consumption patterns in the industrial countries are more or less uniform.
Suppose you received a 3 percent increase in your nominal wage. Over the year, inflation ran about 6 percent. Which of the following is true?
a. Your real wage fell. b. Your nominal wage fell. c. Both your nominal and real wages decreased. d. Although your nominal wage fell, your real wage increased. e. Both nominal and real wages increased.
The above figure shows the production possibility frontier for a country. What is the opportunity cost per ton of rice to move from point B to point D?
A) 500 bottles of wine B) 2 bottles of wine C) 1/2 of a bottle of wine D) 1000 bottles of wine E) None of the above answers is correct.