The supply curve for products that can be made quickly without huge amounts of skilled labor and capital is usually________
Fill in the blank(s) with the appropriate word(s).
Ans: elastic
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A decrease in the general price level is associated with an upward shift in the aggregate expenditures function
a. True b. False Indicate whether the statement is true or false
Which one of the following factors contributed to the decline in real output during the Great Depression?
a. deflation, which changed the terms of long-term contracts and discouraged long-term exchange b. inflation, which reduced the value of the dollar and eroded the savings of the elderly c. stable monetary policy, which caused business decision makers to lose confidence in the Fed's ability to fine-tune the economy d. establishment of the Federal Deposit Insurance Corporation
Assume that an insurance company sets a single price for insurance equal to the total medical bills paid by the insurance company divided by the number of its customers. If it pays medical bills of $5,000 for half of its customers and $9,000 for the other half of its customers, the price of insurance will be:
A. $5,000. B. $6,000. C. $7,000. D. $9,000.
The balance sheet below is for the First Federal Bank. Assume the required reserve ratio is 20 percent.
Refer to the above information. This bank can safely expand its loans by a maximum of:
A. $20,000
B. $40,000
C. $100,000
D. $200,000