Refer to Table 6-3. Over what range of prices is the demand elastic?
A) between $8 and $16 B) between $14 and $16
C) over the entire range of prices D) between $2 and $8
B
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Macroeconomic theory can be helpful to business managers, because:
a. It is like a crystal ball showing the future. b. It can reduce the odds of making bad decisions and increase the odds of making goods ones. c. It shows how the future is rather predictable, and by using these tools, countless riches can be made. d. It has been shown to be a highly accurate way of forecasting economic activity. e. All of the above.
Suppose there are only two countries in the world, Mexico and the United States. In the foreign exchange market, it follows that the
A) demand for pesos is linked to the demand for dollars. B) demand for pesos is linked to the supply of pesos. C) supply of pesos is linked to the demand for dollars D) supply of pesos is linked to the supply of dollars. E) none of the above