The price elasticity of supply is the __________________ change in the quantity supplied of a good or service divided by the percentage change in the price.
a. quantity
b. percentage
c. relative
d. absolute
b. percentage
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Refer to Figure 9-2. Without the tariff in place, the United States produces
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.
Suppose the real exchange rate is 3/4 gallon of country A's gasoline per gallon of U.S. gasoline, a gallon of U.S. gasoline costs $3.00 U.S., and a gallon of gas in country A costs 6 units of their currency. What is the nominal exchange rate?
a. 3/8 of a unit of country A's currency per dollar. b. 3/2 units of country A's currency per dollar. c. 8/3 units of country A's currency per dollar. d. None of the above is correct.
Political instability is an impediment to development mainly because it:
A. undermines both domestic and foreign investment in a developing country. B. creates cultural and social differences among groups in developing countries. C. produces excessive levels of domestic saving. D. redistributes income.
Since 1973 the incidence of poverty has generally increased for
A. children. B. the elderly. C. married couples. D. All of the choices are true.