If the nature of production is such that adjustments take longer, then supply is likely to be _____________
Fill in the blank(s) with the appropriate word(s).
Ans: inelastic
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If you shop for a car online and compare car prices across dealerships, money is functioning as a
A) means of payment. B) medium of exchange. C) barter mechanism. D) store of value. E) unit of account.
As the number of years of schooling completed increases, the expected private return and private cost of education
(a) increase at roughly the same rate. (b) increase at different rates with expected private return increasing at a slower rate than private cost. (c) increase at different rates with expected private return increasing at a faster rate than private cost. (d) do not increase.
During World War I (1914–18), national debt soared, leading to
(a) money creation and inflation. (b) money creation and deflation. (c) money destruction and inflation. (d) money destruction and deflation.
The more elastic the demand for a good, the _____
a. larger the deadweight loss from a tax b. smaller the deadweight loss from a tax c. more the tax burden on the buyers d. more the tax revenue of the government