The demand for steak is _______________________ than is the demand for food because _____________________.
A. less price elastic; the scope of the market for steak is more broadly defined
B. more price elastic; the scope of the market for steak is more broadly defined
C. less price elastic; the scope of the market for steak is less broadly defined
D. more price elastic; the scope of the market for steak is less broadly defined
D. more price elastic; the scope of the market for steak is less broadly defined
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The gains from trade include:
i. lower prices from competition ii. greater output from specialization iii. greater variety of goods and services available A) ii only B) i and iii only C) i and ii only D) i, ii, and iii E) ii and iii only
The organization that settles trade disputes between countries is the
A) World Bank. B) World Trade Organization. C) International Monetary Fund. D) United Nations.
Identify a valid trend observed in U.S. business cycles since 1933. a. Contractions lasted for more than two years on an average. b. There were only two or three complete cycles
c. There was no recession since 1979. d. Expansions generally lasted longer than contractions. e. Each cycle lasted longer than the previous one.
The amount of interest owed on a loan of $75,000 after a year at an interest rate of 1 percent is:
A. $75,750. B. $7,500. C. $82,500. D. None of these is true.