If supply is elastic, the supply curve is relatively ________, and if demand is elastic, the demand curve is relatively ________
A) flat; flat
B) flat; steep
C) steep; flat
D) steep; steep
A
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A farmer uses L units of labor and K units of capital to produce Q units of corn using a production function F(K,L). A production plan that uses K' = L' = 10 to produce Q' units of corn where Q' < F(10, 10 ) is said to be
A) technically feasible and efficient. B) technically unfeasible and efficient. C) technically feasible and inefficient. D) technically unfeasible and inefficient. E) none of the above
Which is more likely to stimulate aggregate demand in a timely manner?
a. a tax cut, because households will increase their consumption by the full amount of their tax reduction b. a tax cut, because disbursement can take place quickly while spending increases are generally spread out over several years c. a spending increase, because disbursement can take place quickly while a tax cut will be spread out over several years d. a spending increase, because it can be easily reversed once the economy has recovered
If the price of one Weight Watchers' frozen dinner is $2 and the price of one dozen jelly doughnuts is $3, which of the following would Kent, a utility maximizing consumer, buy with his $6?Jelly DonutsFrozen DinnersDozen Consumed per DayTotal utility (Units of utility)Dinners Consumed per DayTotal utility (Units of utility)0000112116221232327346430442530542628636
A. two frozen dinners and two dozen jelly doughnuts B. three frozen dinners C. two dozen jelly doughnuts D. one frozen dinner and four dozen jelly doughnuts
Which of the following is most likely a private good?
A. National defense. B. Sidewalks. C. The administration of justice. D. Bicycles.