Forestry companies typically harvest and replant an area when trees are:
A. very young and growing slowly.
B. middle aged and growing rapidly.
C. near the end of their rapid growth period.
D. extremely old and about to die anyway.
Answer: C
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The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Using the regular percentage change formula, what is the price elasticity of supply when price decreases from $10 to $5?
A. 0.2 B. 0.5 C. 0.6 D. 1
If England buys hockey sticks from Canada, then:
A. Canada has the comparative advantage over England in making hockey sticks. B. England has the comparative advantage over Canada in making hockey sticks. C. England has an absolute advantage over Canada in making hockey sticks. D. Canada has an absolute advantage over England in making hockey sticks.
Suppose that a Japanese firm invents an affordable long-lasting battery that becomes hugely popular in the United States. What would be the result?
a. U.S. demand for the Japanese yen would fall. b. U.S. demand for Japanese goods would decline. c. U.S. demand for the Japanese yen would increase. d. The exchange value of the Japanese yen would fall relative to other currencies.
If the economy is fully employed, which of the following is true?
A) The price level equals 100. B) Real and nominal GDP are equal. C) Real and potential GDP are equal. D) The unemployment rate is zero. E) Real GDP cannot increase.