Refer to Table 16-3. If Julie charges $10 per hour, how many hours of pet sitting services will be purchased and by whom?
A) 3 hours (1 hour each by Arun, Bernice, and Cara)
B) 2 hours (1 hour by Cara and 1 hour by Dawn)
C) 1 hour by Cara only
D) 1 hour by Dawn only
B
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The formula for price elasticity of demand that is used in practice
A. usually drops all minus signs. B. usually takes on different values at different points on the demand curve. C. may calculate the percentage change in price between P1 and P2 as “(P2 ? P1) as a percentage of (P1 + P2)/2.” D. All of the responses are correct.
Cyrus McCormick is best known for
a. manufacturing the mechanical reaper. b. developing hybrid strains of corn. c. introducing chemical fertilizers. d. the invention of the single-horse plow.
Which of the following statement(s) is (are) true?
A) If the income elasticity of demand for a product is negative, then the good is labeled an inferior good. B) If the income elasticity of demand for a product is greater than 1, then the good is labeled a necessity. C) If the cross-price elasticity of demand between two goods is negative, then the two good are complements. D) Both A and C
As percentage of imports, the largest product category of U.S. imports from China is
A) chemicals, minerals, and metals. B) machinery and transportation equipment. C) textiles, apparel, and footwear. D) electronic products.