For the U.S. economy, which of the following represents the largest component of GDP?
A) imports
B) investment
C) government spending
D) exports
E) none of the above
E
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Steve sells hotdogs from a vending cart downtown. The table above shows his daily total revenues at four different prices. Between which two prices is the demand for hotdogs
a. elastic? b. unit elastic? c. inelastic?
Which of the following is TRUE of a perfectly competitive firm and a monopoly in the long run?
A) P = MC B) P = ATC C) MR = MC D) P = MR
To save on negotiation costs when buying a car
a. Always go towards the end of the day, when the seller does not get a chance to make a counteroffer b. Threaten to leave if the car dealer says anything but yes to your offer c. Carry only one cashier's check that cannot be modified d. All of the above
Consider luxury weekend hotel packages in Las Vegas. When the price is $250, the quantity demanded is 2,000 packages per week. When the price is $280, the quantity demanded is 1,700 packages per week. Using the midpoint method, the price elasticity of demand is about
a. 1.43, and an increase in the price will cause hotels' total revenue to decrease. b. 1.43, and an increase in the price will cause hotels' total revenue to increase. c. 0.70, and an increase in the price will cause hotels' total revenue to decrease. d. 0.70, and an increase in the price will cause hotels' total revenue to increase.