The cyclical rate of unemployment plus the measured unemployment rate equal the natural rate of unemployment
Indicate whether the statement is true or false
FALSE
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Roughly what was the change in Columbia's per capita GDP between 1960 and 2011?
A) 25% B) 90% C) 150% D) 185%
Which of the following assumptions is TRUE about monopolistic competition?
A) The firm's products are differentiated. B) There are few producers of the product. C) Firms will not advertise. D) It is difficult for firms to enter this industry.
Under what circumstances would a consumer who has an anchoring bias still be likely to maximize her marginal utility?
a. if the anchor price is above the price the seller really wants b. if the anchor price is the main reference the buyer uses in negotiating c. if the anchor price is above the legitimate market price d. if the anchor price equals the legitimate market price
Assume that Pyrotex Inc. estimates the demand for its fireworks to be linear. If the current price charged by Pyrotex is such that the elasticity of demand is equal to 2.5, which of the following statements is true?
A. Pyrotex cannot increase its profits by changing the price of fireworks. B. Pyrotex will surely increase its profits by decreasing the price of fireworks. C. Pyrotex will surely increase its profits by increasing the price of fireworks. D. Not enough information is provided to determine whether Pyrotex is currently maximizing its profits.