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Author Question: Suppose the price elasticity of demand for oil is 0.1. In order to lower the price of oil by 20 ... (Read 29 times)

madam-professor

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on: Jun 29, 2018
Suppose the price elasticity of demand for oil is 0.1. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by
 
  A) 200 percent.
  B) 20 percent.
  C) 2 percent.
  D) 0.2 percent.

Question 2

If net taxes exceed government expenditures, the government sector has a budget ________ and government saving is ________.
 
  A) surplus; positive
  B) surplus; negative
  C) deficit; positive
  D) deficit; negative


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nekcihc358

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

A


madam-professor

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

jomama

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Reply 3 on: Yesterday
Wow, this really help

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