If the price of apples rises from $.50 to $1.50 and quantity demanded falls from 1,000 to 900, we can conclude that the price elasticity for apples is

Which of the following is one of the convergence criteria that countries needed to satisfy to join the Eurozone?

A) 10 consecutive years in the ERM band without devaluation of its currency B) a government deficit of no more than 25% of GDP in the previous year C) total government debt of no more than 60% of GDP in the previous year D) an inflation rate of 0% in the previous 10 consecutive years

Empirical tests of the HO model have had mixed results. One explanation for this is that

A) the Ricardian model is more detailed. B) it is difficult to measure factor endowments. C) it does not explain the effects of trade on income. D) it assumes that countries have different technologies.