Drug prohibition is likely to increase drug-industry revenue because the demand for drugs is inelastic.
a. true
b. false
Ans: a. true
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If Fred's marginal rate of substitution of salad for pizza equals five, then
A) he would give up five pizzas to get the next salad. B) he would give up five salads to get the next pizza. C) he will eat five times as much pizza as salad. D) he will eat five times as much salad as pizza.
Refer to the accompanying table. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. Martha; Martha B. Julia; Martha C. Martha; Julia D. Julia; Julia
Technical forecasting relies on trends in economic variables to predict future exchange rates.
a. true b. false