Increasing income tax rates will solve the "Social Security time bomb issue" is an example of
A) a positive economic statement.
B) marginal cost exceeding marginal benefit.
C) answering the "how" question.
D) globalization.
E) business economic policy.
A
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After having a monopoly in the diamond market for many years, by 2000 the De Beers company faced competition from other companies. To maintain its market share, De Beers
A) lowered the prices of its diamonds to make the market appear less profitable to potential competitors. B) began buying so-called "blood diamonds" in order to keep these diamonds out of the control of other diamond companies. C) bought diamond mines in Canada and Russia that had been its competitors. D) adopted a strategy of differentiating its diamonds. Each of its diamonds is now marked with a microscopic brand.
You have the following demand equation for a pack of cigarettes: Q = 200 - 0.30P with the average quantity 3 packs and average price $3.00 per pack. What is the price elasticity?
A) 0.30 B) -0.30 C) 1.0 D) -1.0