The above table gives the demand schedule for Billy Bob's BBQ ribs. The price elasticity of demand for Billy Bob's ribs over the price range of $3 to $1 is equal to
A) 4.00.
B) 2.00.
C) 0.50.
D) 0.25.
D
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Refer to Table 16-4. Consider the hypothetical information in the table above for potential real GDP, real GDP, and the price level in 2016 and in 2017 if Congress and the president do not use fiscal policy
If Congress and the president use fiscal policy successfully to keep real GDP at its potential level in 2017, which of the following will be lower than if Congress and the president had taken no action? A) real GDP and potential GDP B) potential GDP and the inflation rate C) real GDP and the inflation rate D) real GDP and the unemployment rate
Suppose that demand is perfectly inelastic. Supply is normal and upward sloping. What is the economic incidence of a unit tax placed on suppliers? Illustrate this with an appropriate diagram.
What will be an ideal response?
It is assumed in economics that people make decisions based upon
A) altruism. B) rational self-interest. C) tradition. D) governmental persuasion.
The division of labor facilitates productivity increases for all of the following reasons, except one. Which is the exception?
a. It allows people to do those tasks for which they have the greatest natural ability. b. Workers get better at tasks, the more they repeat them. c. The more experience workers gain by specializing in a task, the more likely they will enjoy that task. d. More sophisticated production techniques are introduced. e. The division of labor often permits the introduction of labor-saving machinery.