During the past 200 years, income per person has
a. increased in the developed countries of Western Europe and North America, but declined in the rest of the world.
b. declined in the developed countries of Western Europe and North America, but increased in the rest of the world.
c. increased far more rapidly in both developed and less developed countries than during the centuries prior to 1800.
d. Increased far less rapidly in both developed and less developed countries than during the centuries prior to 1800.
C
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If the demand for a product is unit-elastic, a 25 percent increase in its price will result in:
a. a 25 percent change in total revenue. b. no change in quantity demanded. c. a 1 percent increase in quantity demanded. d. a 25 percent decrease in quantity demanded. e. a 100 percent change in quantity demanded.
The stocks that make up the Dow Jones Industrial Average:
A. are dominated by the automobile industry. B. are not a broad measure of the market since they do not include any technology companies. C. have changed as the structure of the economy has changed. D. are the same ones that were originally used to construct the index.