People find it difficult to get along without necessities, therefore demand for necessities:
A. Is relatively elastic.
B. Is relatively inelastic.
C. Is relatively unitary elastic.
D. Does not change with changes in price.
Answer: B. Is relatively inelastic.
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The term "business cycle" refers to ________.
A) the periodic increases and decreases of the economy B) the periodic purchases of goods and services by the government C) the increases and decreases in the rate of inflation D) the periodic growth of the Federal Reserve system E) the periodic increases and decreases in the GDP due to seasonal factors
Which of the following will cause an increase in the demand for the Venezuelan currency, the Venezuelan bolivar?
A) real interest rates in Venezuela fall B) U.S. residents change preferences in favor of goods produced in the United States C) real interest rates in the United States increase D) none of the above
Using equal amounts resources, country a can produce either 30 tons of mangoes or 10 tons of bananas, and country b can produce either 10 tons of mangoes/bananas. Which of the following is consisted w/ the info above
Jimmy grows corn. His total revenue and total cost are in the above table. What quantity of corn maximizes his profit and what is his profit? What is the marginal revenue and marginal cost at this quantity?
What will be an ideal response?