Refer to Figure 10.2. Which line represents earnings?
A. a
B. b
C. c
D. h
B. b
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If demand is price inelastic,
a. price and total revenue change in opposite directions b. a seller should decrease the price to increase total revenue c. too few goods are being produced from society's point of view d. price and total revenue change in the same direction e. the market can never be in equilibrium
Common property often results in
A) a negative externality. B) a social benefit. C) more efficient production of goods. D) exclusive rights of ownership.
The member countries under the EMS (European Monetary System) let their currencies float jointly among themselves, but maintained a fixed exchange rate against the rest of the world
Indicate whether the statement is true or false
Which of the following is an obstacle to economic development?
A) poorly defined property rights B) foreign direct investment C) immigration D) openness to trade