When did the European Union become a common market?

During the past 20 years, there has been substantial FDI in China. What are the expected shortrun effects of this FDI upon the rental rate on capital and wages in China?

a. The rental rate should increase and wages should decrease. b. The rental rate and wages should both increase. c. The rental rate and wages should both decrease. d. The rental rate should decrease and wages should increase.

When the price of oranges increases from $4 to $6 per bag, the quantity demanded of oranges decreases from 800 bags to 700 bags. The price elasticity of demand over this price range is equal to

A) 3. B) 3/7 or 0.4286. C) 1/3 or 0.3333. D) 1/4 or 0.25.