Looking at the record of concentration in the United States from 1992 to 2012, one finds concentration has
A. steadily increased.
B. risen dramatically in the past 15 years.
C. changed very little.
D. fallen steadily except in wartime.
Answer: A
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GDP in a country grew from $10 billion to $14 billion over the span of 5 years. The percentage change in GDP was
A) 4%. B) 7%. C) 10%. D) 40%.
Which of the following examples shows inelasticity?
a. When the price of diamonds increases 8 percent, the quantity demanded decreases 20 percent. b. When the price of avocados increases 3 percent, the quantity demanded decreases 4 percent. c. When the price of camcorders increases 10 percent, the quantity demanded decreases 5 percent. d. When the price of bicycles increases 5 percent, the quantity demanded decreases 8 percent.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.
If the domestic quantity supplied of a good is greater than the domestic quantity demanded, the country is likely to be a(n)
A. exporter of the good. B. importer and exporter. C. importer of the good. D. consumer of the good.