If P equals the price level expressed as an index number and $V equals the value of the dollar, then:

A. P = $V - 1.
B. $V = 1/P.
C. 1 = $V/P.
D. $V = P - 1.

B. $V = 1/P.

Economics

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The relationship between urbanization and GDP per capita, it is likely to be represented by a(n):

A) downward-sloping curve. B) inverted U-shaped curve. C) U-shaped curve. D) upward-sloping curve.

Economics

A monopolist has determined that at the current level of output the price elasticity of demand is -0.15. Which of the following statements is true?

A) The firm should cut output. B) This is typical for a monopolist; output should not be altered. C) The firm should increase output. D) None of the above is necessarily correct.

Economics