If the college athletic department raises the price of football tickets from $6 to $8 and sells more tickets at $8 than it had sold the year before at $6, we could reasonably conclude the demand for football tickets
A) was completely inelastic.
B) had increased.
C) was elastic.
D) was inelastic.
E) was unit elastic.
B
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If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour, then
A) Irene has the absolute advantage in the production of tables. B) Greg has the absolute advantage in the production of chairs. C) Irene has the comparative advantage in the production of chairs. D) Greg has the comparative advantage in the production of chairs.
Some of the ways that industrially advanced countries (IACs) can help developing countries (DVCs) in achieving faster economic growth include the following, except:
A. Expanding trade B. Admitting in more temporary workers C. Subsidizing their own agricultural sectors D. Discouraging arms sales