If the demand for widgets decreases, this will:
A. decrease the supply of inputs used to produce widgets.
B. increase the demand for inputs used to produce widgets.
C. decrease the demand for inputs used to produce widgets.
D. increase the supply of inputs used to produce widgets.
Answer: C
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Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. What was the total revenue for Chip's Chips?
A. Cannot answer this question without knowing the cost per bag. B. Cannot answer this question without knowing the quantity of bags sold. C. Cannot answer this question without knowing the cost per bag and the quantity of bags sold. D. Cannot answer this question without knowing what market share they hold.
A country has a population of 5 million. The labor force is 3.5 million, and the number of people not working but actively looking is 140,000. What is the unemployment rate?
a. 70% b. 140,000 c. 4% d. 2.8%
Which of the following countries had the highest per capita energy consumption in 2009?
A. Brazil B. China C. Japan D. United States
If a good has only a few, poor substitutes, is its demand elastic or inelastic?
What will be an ideal response?