Using the above table, the Personal Income (PI) for the country is
A. 84.
B. 155.
C. 306.
D. 228.
Answer: C
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Studies have shown that the price elasticity of demand for necessities, such as food, are higher in developing countries and lower in developed countries. What is the reason for this difference in elasticity?
What will be an ideal response?
According to Gordon, a major problem with Keynes' "rigid nominal wage" theory of the business cycle is
A) a horizontal LM curve. B) it is not a market clearing theory. C) falling real wages are not countercyclical with business activity or Y. D) None of the above.
Without restrictions, the market supply curve is horizontal at P = 5, and the inverse demand curve for taxi cab rides is P = 20 - Q in a competitive market. Subsequently, only 10 taxi cabs are allowed in the market
This results in a deadweight loss of A) 0. B) 5.5. C) 12.5. D) 25.
The "duplication laws," passed by Parliament in the late 17th and 18th centuries, restricted colonial export of
a. woolen goods. b. tobacco. c. pig iron. d. cotton. e. All of the above.