To calculate the price elasticity of supply, we divide
A) rise by the run.
B) the average price by the average quantity supplied.
C) the percentage change in price by the percentage change in quantity supplied.
D) the percentage change in quantity supplied by the percentage change in price.
D
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Joe's Taco Hut can purchase a delivery truck for $20,000 and Joe estimates it will generate a net income (after taxes, maintenance and operating costs) of $2,000 per year. He has no other opportunities. He should:
A. purchase the truck if the real interest rate is greater than 10%. B. not purchase the truck if the real interest rate is greater than 2%. C. purchase the truck only if the real interest rate is less than 2%. D. purchase the truck if the real interest rate is less than 10%.
How does a cartel differ from an oligopolistic industry?
A. Oligopolistic industries cannot make economic profit. B. Cartels reduce uncertainty to maximize profits. C. Cartels are legal while oligopolies are illegal. D. Oligopolies face large amounts of competition while cartels do not.
In the United States, the overall level of prices more than doubled during the
a. 1950s. b. 1960s. c. 1970s. d. 1980s.
Transfer payments are:
a) excluded when calculating GDP because they only reflect inflation. b) excluded when calculating GDP because they do not reflect current production. c) included when calculating GDP because they are a category of investment spending. d) included when calculating GDP because they increase the spending of recipients.