The table above gives the demand schedule for peas. Which of the following statements CORRECTLY describes the price elasticity of demand?
A) The price elasticity of demand is larger at point A than at point B.
B) The price elasticity of demand is larger at point D than at point A.
C) The price elasticity of demand is constant because the slope is constant.
D) The price elasticity of demand increases moving from point A to point B to point C to point D to point E.
A
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The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P. If this economy opens to trade while the world price of a car is $6,000, and the government imposes a quota allowing 3000 cars to be imported, then the winners are ________.
A. domestic consumers B. domestic producers and the government C. domestic consumers and import permit holders D. domestic producers and import permit holders
An example of a factor of production for Dell is
A) the computers exported by Dell. B) a worker hired by Dell. C) corporate bonds sold by Dell. D) stock issued by Dell.
The federal government has major assistance programs aimed at providing all of the following goods, except one. Which is the exception?
a. housing b. energy c. school lunches d. clothing e. food
Innovation is
a. the same thing as invention. b. the desired result of invention. c. the necessary precondition of invention. d. unrelated to invention.