The price elasticity of demand is
A) always negative.
B) sometimes positive.
C) always positive.
D) positive or negative, depending on supply.
Answer: A
Economics
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A reason a nation faces diminishing returns along a production function is because
A) unemployment always exists. B) potential GDP is fixed. C) the quantity of physical capital is fixed. D) full employment is not possible. E) the wage rate is fixed while moving along the production function.
Economics
Larry spends all his $800 monthly income on pizza and milk. The price of pizza is $4 a slice, and the price of milk is $2 per quart. Larry's real monthly income in terms of pizza is
A) 400 slices. B) $800. C) 200 slices. D) $400.
Economics