When does the fiscal year begin for the U.S. federal government?

a. January 1
b. April 1
c. July 1
d. October 1

d. October 1

Economics

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Suppose the price of crude oil drops from $150 a barrel to $120 a barrel. The quantity bought remains unchanged at 100 barrels. The coefficient of price elasticity of demand in this example would be

A) -0.5. B) infinity. C) -1.0. D) 0.

Economics

In a production process, all inputs are increased by 10%; but output increases less than 10%. This means that the firm experiences

A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) negative returns to scale.

Economics