Suppose a 10 percent increase in the price of textbooks decreases the quantity demanded by 20 percent. The elasticity of demand for textbooks is
A) 0.2.
B) 2.0.
C) 5.0.
D) 10.0.
B
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Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Morocco consume?
A) 60 B) 70 C) 90 D) 120
By referencing events in the news or something from your personal experiences, describe one example of each of the five foundations of economics discussed in this chapter.
Five Foundations of Economics: Incentives Trade-offs Opportunity cost Marginal thinking The principle that trade creates value
Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases. The graph of these two variables is
A) a line that has positive slope. B) non-existent because the two variables are not related. C) a horizontal line. D) a vertical line. E) a line that has a negative slope.
Southern plantation owners benefited from British policies on tobacco production in the United Kingdom
Indicate whether the statement is true or false