Refer to Figure 21.2. If area A = 2,000, area B = 400, and area C = 2,600, what is the Gini coefficient for Urbania (rounded to two decimal places)?
A) 0.40
B) 0.43
C) 0.67
D) 0.77
A
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The figure above shows the demand for fruit snacks. Which movement reflects an increase in income if fruit snacks are a normal good?
A) from point a to point e B) from point a to point b C) from point a to point c D) from point a to point d
Which of the following is not necessary for price discrimination to occur?
a. a downward-sloping demand curve facing the firm b. control over price by the firm c. the firm can easily distinguish groups with different price elasticities d. the firm can easily prevent resale of the good by lower-price customers e. economies of scale exist
When the price of running shoes goes from $100 to $80, the quantity demanded increases from 20 to 30 million. Over this price range, the absolute value of the price elasticity of demand is
a. 0.55. b. 1. c. 1.25. d. 1.80. e. 2.50.
Increased trade restrictions
A. Reduce total consumption possibilities. B. Alter a nation's production possibilities. C. Have a neutral impact since the losses cancel out the benefits. D. Increase a trade deficit in the short run.