There is a high correlation between the number of automobiles on the road and the amount of carbon emissions in the atmosphere. This statement is best described as
A. a positive statement.
B. a normative statement.
C. a marginal statement.
D. an implication of an efficient market.
Answer: A
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If a 2 percent rise in price leads to a 4 percent decrease in quantity demanded, then demand is
A) elastic and total revenue decreases. B) elastic and total revenue increases. C) inelastic and total revenue decreases. D) elastic, but we cannot tell what happens to total revenue without more information. E) Total revenue decreases but we cannot tell if the demand is elastic or inelastic without more information.
Which of the following is likely to lead to a right shift in the demand curve for labor in the coffee producing industry?
A) A decrease in the price of tea B) An increase in the demand for tea C) A decrease in the demand for coffee D) An increase in the demand for coffee