With a price elasticity of demand of 0.45, when the price of soybeans falls by 10 percent, the quantity demanded of soybeans rises by approximately _____________ percent
A) 4.50
B) 45.0
C) 0.45
D) 0.56
A
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When comparing perfect competition and monopolistic competition, we find that
A) firms in monopolistic competition produce identical products just as do firms in perfect competition. B) firms in monopolistic competition face barriers to entry, unlike firms in perfect competition. C) advertising plays a large role in monopolistic competition, unlike in perfect competition. D) firms in monopolistic competition are price takers just as is the case for firms in perfect competition.
Just as the aggregate-demand curve slopes downward only in the short run, the trade-off between inflation and unemployment holds only in the long run
a. True b. False Indicate whether the statement is true or false
A nation's total external wealth is calculated as:
A) the sum of total assets minus total liabilities expressed in local currency. B) total assets expressed in foreign currency minus total liabilities expressed in foreign currency. C) the sum of total assets minus total liabilities expressed in foreign currency. D) the sum of physical assets within the nation, domestic stock market capitalization, and government assets minus total liabilities.
Stable property rights
A. are conducive to investment. B. are found in countries with dictatorships. C. are not necessary for rapid growth. D. exist in all economies.