One of the economic changes that has most dramatically reshaped the world is:
A. the rapid decline of Haiti's economy.
B. the rapid growth of Italy's economy.
C. the unemployment rate declining in the U.S. by 40 percent.
D. the rapid growth of China's economy.
Answer: D
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When the price of a cup of coffee falls from $3.00 to $2.50, the quantity demanded increases from 1,000 per month to 1,150 per month. Using the midpoint method, the price elasticity of demand is
A) 0.77. B) 1.30. C) 0.07. D) 3.00. E) 2.50.
Newly-privatized firms in Eastern Europe require __________ investor monitoring, which suggests the relative desirability of a __________-oriented financial system
A) heavy; banking B) heavy; markets C) little or no; banking D) little or no; markets
Ilona’s country has five factories. In contrast, Hassan’s country has 100 factories. How will productivity in each country be impacted if each country builds two new factories?
a. Both Ilona’s and Hassan’s countries will experience a major increase in productivity. b. Hassan’s country will experience a relatively large increase in productivity, while Ilona’s country will experience a relatively small increase in productivity. c. Ilona’s country will experience a relatively large increase in productivity, while Hassan’s country will experience a relatively small increase in productivity. d. Neither Ilona’s nor Hassan’s country will experience an increase in productivity.
An industry with a ________ long-run supply curve is called a constant-cost industry.
A. negative sloping B. horizontal C. positive sloping D. vertical