The income elasticity of demand for health care is generally less than 1, indicating consumers consider these services to be luxuries. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Price coordination among firms will be more difficult when there are substantial differences among the cost structures of the competing firms and the technologies they employ. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
One of the primary sources of diseconomies of scale is the inefficiencies associated with managing large scale operations. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
A key factor in producing high economic growth is A) eliminating foreign trade. B) well-functioning financial markets. C) high interest rates. D) stock market volatility. ANSWER B
Date: September 10th, 2020
The results of studies of the tobacco industry suggests that college and secondary school students who smoke are much more likely to respond to a change in price than adults who smoke. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
As a currency appreciates: A) exports increase and imports decrease. B) exports decrease and imports increase. C) exports increase and imports increase. D) exports decrease and imports decrease. ANSWER B
Date: September 10th, 2020
Assume there is an improvement in the technology used to produce Blu-ray disc players. What could be expected to happen to the equilibrium price and quantity in the market for Blu-ray disc players? A) Equilibrium price would increase and equilibrium quantity would decrease. B) Equilibrium price and quantity would both decrease. C) Equilibrium price would […]
Date: September 10th, 2020
Referring to the previous question, which of the following best describes the adjustment to the new market equilibrium? A) Price would fall, causing quantity supplied to decrease until the new equilibrium is reached. B) Price would rise, causing quantity supplied to increase until the new equilibrium is reached. C) Price would fall, causing quantity supplied […]
Date: September 10th, 2020
Poorly performing financial markets can be the cause of A) wealth. B) poverty. C) financial stability. D) financial expansion. ANSWER B
Date: September 10th, 2020
The price elasticity of demand for pleasure travel (-1.9 ) and business travel (-0.8 ) suggests that air travel for pleasure is a luxury and air travel for business is a necessity. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
