Johnny is a sophomore in college and has a 1.5 cumulative grade point average (GPA). Johnny's cumulative GPA will be better next semester if he (i) performs better than he did last semester. (ii) performs better than his cumulative GPA. (iii) gives an average performance
a. (ii) only
b. (iii) only
c. (i) and (ii)
d. (ii) and (iii)
a
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As Mary's income increases by 20 percent, her demand for tickets to National Hockey League games increases by 10 percent. Mary's demand for tickets is income ________; for Mary, hockey tickets are ________ good
A) elastic; a normal B) inelastic; a normal C) elastic; an inferior D) inelastic; an inferior
According to the Heckscher-Ohlin model, the source of comparative advantage is a country's
A) factor endowments. B) technology. C) advertising. D) human capital. E) political system.
Other things constant, if the demand for a final product is quite elastic, the demand for a resource used to produce the product will tend to be
a. highly inelastic. b. of unitary elasticity. c. a curve sloping upward to the right. d. quite elastic as well.
Assuming an entrepreneur does not pay herself, the $1,000 she could earn as an employee elsewhere is considered
A. An implicit cost. B. An explicit cost. C. A variable cost. D. A fixed cost.