Suppose inter-city bus travel is a substitute for transportation by train. Which of the following could then be TRUE?
A) The cross elasticity between bus and train travel could equal 0.65.
B) The cross elasticity between bus and train travel could equal 1.0.
C) The cross elasticity between bus and train travel could equal 1.25.
D) All of the above could be true.
D
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The longer the time frame of analysis, the easier it is to make adjustments in production by switching production methods and/or building or closing down production facilities
a. True b. False Indicate whether the statement is true or false
The Lorenz curve:
A. plots graphically the poverty rate over time. B. is located closer to the diagonal today than it was in 1975. C. plots graphically the distribution of income. D. is located farther from the diagonal when income is defined to include the value of noncash transfers.