How does U.S. output per capita compare with other industrial countries?
a. The United States ranks second accounting for 30 percent less output per capita than its predecessor Japan.
b. The United States ranks at the top about 32% of the rest, excluding second ranked Canada.
c. The United States ranks at the top and produces 10% more output per capita than all other nations.
d. The United States ranks first in output and is 75% above the rest of the world.
b
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The price of coffee rose 40 percent and the quantity of coffee demanded fell by 20 percent. The quantity of doughnuts demanded also fell by 20 percent. From this information, we can conclude that
A) the demand for coffee is elastic. B) the demand for coffee is unit elastic. C) coffee is an inferior good. D) the cross elasticity demand between coffee and doughnuts is -0.5. E) the income elasticity of demand for coffee is 2.
The law of supply implies that the supply curve is
A) flat. B) upward sloping. C) downward sloping. D) vertical.