The ________ bowed inward the Lorenz curve is, the ________ inequality exists.
A. less; more
B. more; more
C. more; less
D. None of these is true.
Answer: B
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Specialty chocolate bars with a high cocoa content have been drawing a lot of attention in gourmet circles in 2008 but the price of cocoa beans has increased more than 44 percent in this time period
In response to the increase in the price of cocoa beans, Rogue Chocolatier has increased the price of their gourmet chocolate bars by 20 percent. Rogue observes the quantity of their bars sold decreased by 15 percent. Based on this news clip, what does the price elasticity of demand for gourmet chocolate bars equal? A) 0.75 B) 1.25 C) 1 D) 0.66
A 5% increase in real income usually leads to ________ in money demand
A) a decrease B) no change C) an increase of less than 5% D) a decrease of 5%
Each trading nation can gain by specializing in producing those things for which it is a low-opportunity cost producer. This statement best describes the implications of the
a. free rider problem. b. law of comparative advantage. c. infant-industry argument. d. law of diminishing marginal returns.
The market demand curve is calculated by:
A. Summing the price from individual demand curves. B. Averaging the price demanded from individual demand curves. C. Summing the quantities demanded from individual demand curves. D. Averaging the quantities demanded from individual demand curves.