The longer the time period that suppliers have to adjust to price changes, the
A) greater will be the price elasticity of supply.
B) lower will be the price elasticity of supply.
C) lower will be the price elasticity of demand.
D) greater will be the price elasticity of demand.
A
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A perfectly free market system may not be efficient in terms of minimizing pollution, unsafe working conditions, unfair hiring practices, and a grossly uneven distribution of wealth.
Indicate whether the statement is true or false.
For the most part, trade between many countries:
A. is entirely unregulated or free. B. is regulated or restricted in some way. C. is free, with the notable exception of China. D. causes the well-being of some nations to win and others to lose.
The creation of the Social Security program had no impact on the labor force participation rate because people are not interested in working past the age of 65.
Answer the following statement true (T) or false (F)
Central planning is an ineffective method to organize an economy because
A) central planners do not respond predictably to incentives. B) central planners cannot possibly obtain all the information necessary to allocate resources efficiently. C) most central planners are less intelligent than business entrepreneurs in market economies. D) central planners have inadequate funding to meet the needs of their constituents.