A public franchise gives the exclusive right to produce a product for 20 years from the date the product is invented
Indicate whether the statement is true or false
FALSE
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The Millennium Development Goals include
a. eliminating the proportion of people living on less than $1 per day. b. universal primary education. c. increasing exports by one half. d. all of the above.
Which of the following is false? a. The price elasticity of supply measures the sensitivity of the quantity supplied to the changes in the price of the good. b. The price elasticity of supply is defined at the percentage change in the quantity supplied divided by the percentage change in price. c. Goods with a supply elasticity that is greater than 1 are called relatively elastic in supply
d. When supply is inelastic, a 1 percent change in the price of a good will induce a more than 1 percent change in the quantity supplied.
Which of the following is correct?
A. The excess capacity problem diminishes as the monopolistically competitive firm's demand curve becomes less elastic. B. The excess capacity problem means that monopolistically competitive firms typically produce at some point on the rising segment of their average total cost curve. C. The greater the degree of product variation, the lesser is the excess capacity problem. D. The greater the degree of product variation, the greater is the excess capacity problem.
In an economy, the total expenditures for a market basket of goods in year 1 (the base year) was $5,000 billion. In year 2, the total expenditure for the same market basket of goods was $5,500 billion. What was the Consumer Price Index for the economy in year 2?
A. 120 B. 115 C. 110 D. 100