The price elasticity of demand for food tends to be O unrelated to per capita wealth. the same in rich and poor nations. O lower in richer nations. higher in richer nations.

Is the horizontal section of Country H's excess demand curve necessarily symmetric around zero? That is, are OH and HO of equal length in Fig. 7.3? Under what special circumstance are they of equal length? ( Hint: the answer has somethingto do with preferences.) I can't seem to upload two images, but figure 7.3 is simply an excess demand curve and it shows that the distance between 0 and H, which represents imports of X, is smaller than the distance between H' and 0 which represents exports. 6. Is the horizontal section of Country H's excess demand curve necessarily symmet ric around zero? That is, are OH and H'O of equal length in Fig. 7.3? Under what special circumstance are they of equal length? (Hint: the answer has something to do with preferences.)

Fran has a business where she makes and sells jewelry. Suddenly, the price of gold increases. What would we expect Fran to do? O Fran would produce less jewelry than before at each possible price. Fran would produce more jewelry than before at each possible price. Fran would then face a greater demand for her jewelry. Fran would then face a weaker demand for her jewelry.

is d right?

Which of the following events would definitely cause a decrease in the equilibrium quantity of cotton shirts (wool shirts are considered a substitute for cotton shirts, and raw cotton is an input in the cotton shirts production)? Select one: Ⓒa. a decrease in the price of wool shirts and an increase in the price of raw cotton O b. an increase in the price of wool shirts and a decrease in the price of raw cotton O c. an increase in the price of wool shirts and an increase in the price of raw cotton O d. a decrease in the price of wool shirts and a decrease in the price of raw cotton Clear my choice