Perfectly inelastic demand has an elasticity value of 1.
Answer the following statement true (T) or false (F)
False
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In the current Post-Industrial economy, international trade in services (including banking and financial services)
A) dominates world trade. B) does not exist. C) is an increasingly important component of global trade. D) is relatively stagnant. E) far surpasses the predictions of economist Alan Blinder.
If a firm used a combination of inputs that was to the left of its isocost line, it would indicate that
A) it is exceeding its budget. B) it is not spending all of its budget. C) it is operating at its optimal point because it is saving money. D) None of the above
The net increase to total surplus when a positive externality is corrected is due to:
A. the transfer of surplus from those affected by the externality to the consumer. B. the increased number of units bought and sold in the market. C. the transfer of surplus from the consumer to those affected by the externality. D. None of these statements is true.
Refer to Table 3-20. What is Theresa’s opportunity cost of producing one pound of beef?
a. 5/6 bushel of wheat b. 6/5 bushel of wheat c. 3/5 bushel of wheat d. 5/3 bushels of wheat