In the short run, the demand for gasoline today is
A. unit elastic.
B. very inelastic.
C. very elastic.
B. very inelastic.
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A perfectly competitive employer of an input will maximize profits from the employment of the input by equating:
a. the value of the marginal product of the input with the price of the output. b. the marginal product of the last unit of the input employed with the input price. c. the input price with the price of the product produced. d. the marginal revenue product of the input with the input price. e. the marginal product of the last unit of the input employed with the price of the product produced.
By how much did the Doha round of negotiations increase the world economy per year?
a. $100 to $150 billion b. $150 to $200 billion c. $200 to $250 billion d. $165 to $385 billion
In June 2012, the public debt in the United States was approximately
A) $5.8 billion. B) $90 billion. C) $1.6 billion. D) $15.8 trillion. E) $120 trillion.
What do economists mean when they state that a good is scarce?
What will be an ideal response?