The price elasticity of supply is a measure of the responsiveness of:
A. the change in price to the quantity supplied.
B. the suppliers with respect to the change in price.
C. the quantity supplied to the change in income.
D. the quantity supplied to the changes in price.
Answer: D
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In rate-of-return regulation, a monopoly is required to have zero
a. profit. b. rent. c. producer's surplus. d. deadweight loss.
A bird flu epidemic causes many people to flee the country, but does not affect labor demand significantly because almost all the goods produced within the country are exported. What happens to current employment and the real wage rate?
A) Both employment and the real wage rate would increase. B) Both employment and the real wage rate would decrease. C) Employment would increase and the real wage would decrease. D) Employment would decrease and the real wage would increase.
If the value of a price index was 125 for 2005 and 75 for 1982, and GDP was 2500 in 2005 compared to 600 in 1982, the value of real 2005 GDP in terms of 1982 prices is
a. 1500. b. 1000. c. 2500. d. 360.
The slope of a straight line
A) is the same at all points along that line. B) cannot be defined. C) changes from one point to the next on that line. D) is always equal to zero.