Cross-price elasticity of demand measures the response in the
A. quantity of one good demanded to a change in the price of another good.
B. quantity of one good demanded when the quantity demanded of another good changes.
C. price of a good to a change in the quantity of another good demanded.
D. income of consumers to the change in the price of goods.
Answer: A
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Which set of characteristics below best describes the basic features of monopolistic competition?
A. easy entry, few firms, and standardized products B. easy entry, many firms, and standardized products C. easy entry, many firms, and differentiated products D. barriers to entry, few firms, and differentiated products
Refer to the table above. France will gain from trade so long as the international price of grapes measured in terms of textiles is below
A) $15. B) 3. C) 5. D) 8.
Which of the following inputs is normally considered to be fixed in the short run?
A) labor B) capital C) money D) All of the above.
One of the important points of criticism of industrial policy is that: a. it can lead to stiff competition among the domestic firms in an economy. b. small domestic firms will not be able to survive economic clustering
c. government sponsored research will end up benefitting foreign countries. d. it can prohibit regional innovations. e. the knowhow in one firm will not spill over to other firms in an economy.