If the price of one dozen eggs increases from $1.60 to $2.00, quantity demanded will decrease from 600 to 400. The elasticity of demand for eggs (using the mid-point formula) is
A. . 0.8.
B. . 1.8.
C. . 11.26.
D. . 1.9.
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20）A country should specialize in the production of those goods
A. . that have the highest price.
B. . that use the most labor.
C. . for which a country has an absolute advantage.
D. . for which a country has a comparative advantage.
19) A production possibilities frontier shows
A. . the prices at which alternative goods will be produced.
B. . the input combinations that allow a country to produce a given amount of output.
C. . the tax revenue a government receives at various tax rates.
D. . the various combinations of two goods a country can produce with its factors of production and the available production technology.
18) According to the circular flow model
A. . in the market for goods and services, households are buyers and firms are sellers.
B. . the market for goods and services, households are sellers and firms are buyers.
C. . in the market for factors of production, households are buyers and firms are sellers.
D. . firms are the owners of the factors of production.
17) Microeconomics is the study of
A. . how households and firms make decisions and how they interact in the market.
B. . economy-wide phenomena.
C. . inflation, unemployment, and economic growth.
D. . the impact of government actions on the economy.
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