Antony's Pizza uses the same dough, sauce, and cheese for pizza and calzones. When the price of pizza is low Antony produces more calzones. For Antony, the supply of pizza is ________ compared to the supply at a pizza restaurant that does not serve calzones.
A. less price elastic
B. more price elastic
C. lower
D. higher
Answer: B
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Holding other factors constant, a higher relative price of a firm's output will:
A. increase national saving. B. decrease national saving. C. decrease investment. D. increase investment.
At full employment, actual ________ equals ________
A) real GDP; potential GDP B) real GDP; nominal GDP C) unemployment; zero D) potential GDP; nominal GDP E) nominal GDP; potential GDP
Lois sells ten sweaters she had knitted to a retail store. The gross domestic product (GDP) of her country _____
a. will increase b. will decrease c. will remain unaffected d. will increase only if the sweaters are as good as the sweaters sold by other retailers e. will increase if the price of each sweater is less than the cost of inputs required
One of the difficulties in using discretionary fiscal policy effectively is that the legislative decision-making process is sometimes very long and drawn out
a. True b. False Indicate whether the statement is true or false