In China prior to 1990, most residential buildings were dilapidated because:
a. people were not aware of maintenance and beautification techniques.
b. the government did not encourage wastage of resources for such purposes.
c. no one had a property right to a home.
d. all the properties were inherited.
e. the people had private property rights so they did not have an incentive to repair the houses.
c
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Which of the following equations correctly represents nominal exchange rate?
A) Nominal exchange rate = units of foreign currency/1 unit of domestic currency B) Nominal exchange rate = 1 unit of domestic currency/100 units of foreign currency C) Nominal exchange rate = 100 units of domestic currency/1 unit of foreign currency D) Nominal exchange rate = units of foreign currency/100 unit of domestic currency
If a tripling of price triples the quantity of a good supplied, the price elasticity of supply is
a. 3 b. 300 c. 1 d. -1 e. -3