If Mattie's threatens to always fight, what would Irene's best response be?
a. Enter
b. Not enter
c. Run
d. All of the above
b
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Capital, as a factor of production, refers to
A) the tools and instruments used to produce other goods and services. B) stocks and bonds, but not money. C) money, stocks, and bonds. D) the production technology used by firms. E) the production factors imported from abroad.
Denise is thinking about setting up a butterfly garden in her backyard. She estimates that it will cost her $2,000 to purchase and install special plants and an irrigation system to attract butterflies. The benefit she expects to receive is $1,800 . In addition, neighbor Billy will receive a benefit of $150 and neighbor Sammy will receive a benefit of $100 . From this, we can conclude that
a. butterflies are a negative externality for Billy and Sammy b. Denise will set up the butterfly garden without any help from her free-rider neighbors c. if Sammy refuses to contribute to the butterfly garden, he will be unable to enjoy its benefits if it is built d. if Billy refuses to contribute to the butterfly garden, Denise will not have one e. if Billy and Sammy contribute the amounts at which they value the butterfly garden, Denise will set it up. Otherwise, no garden.
When quantity moves proportionately the same amount as price, demand is
a. elastic, and the price elasticity of demand is 1. b. perfectly elastic, and the price elasticity of demand is infinitely large. c. perfectly inelastic, and the price elasticity of demand is 0. d. unit elastic, and the price elasticity of demand is 1.
If the elasticity of demand for sugar cookies is 2.5, then a 10% change in price will lead to a 5% change in quantity demanded.
Answer the following statement true (T) or false (F)