Price elasticity of demand is the ratio of the percentage change in price of one good to the percentage change in quantity demanded of another good.
Indicate whether the statement is true or false
Answer: False
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A U.S. company is attempting to cut costs by shifting some of its services to Thailand. This process of shifting production of products or services overseas to cut costs often results in
A) lower production quantities of those products or services. B) lower consumer prices on those products or services. C) greater potential for market failure for those products and services. D) greater economic uncertainty in the market for those products and services.
________ unemployment is short term, but ________ unemployment can last for longer periods because workers need time to acquire new skills
A) Cyclical; frictional B) Structural; seasonal C) Seasonal; frictional D) Frictional; structural
A central government collected taxes totaling $120 billion in the previous year. It's expenditure during the year was roughly the same. This is an example of a
a. balanced budget. b. surplus budget. c. deficit budget. d. zero budget.
Which of the following is not a benefit of the unitary form (Uform) of an organization?
A. Opportunity costs of the time of senior management B. Improved coordination among functional specialists C. Higher level of functional expertise D. Well-defined promotion path