Supply is elastic if
A) a 1 percent change in price leads to a larger percentage change in quantity supplied.
B) a 1 percent change in price leads to a smaller percentage change in quantity supplied.
C) the slope of the supply curve is positive.
D) the good in question is a normal good.
A
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If the number of unemployed workers is 200 million, and the number in the labor force is 500 million, what is the unemployment rate?
A) 0.4% B) 4% C) 14% D) 40%
One source of the supply of dollars in the foreign exchange market is
A. the U.S. Mint buying dollars from the Bank of England. B. SDRs being converted into dollars. C. U.S. companies importing foreign goods. D. foreign citizens buying U.S. goods.
Suppose that you purchased a ticket to a jazz festival for $100 from an online ticket broker. Once you arrived at the festival, you discovered that parking costs you an additional $15. In this situation, the additional $15 you pay for parking is an example of
A. an economic loss. B. marginal cost. C. an inefficient cost. D. opportunity cost.
The benefits-received principle of taxation is not often used because
A. it leads to less equality in the after-tax distribution of income. B. it leads to an overproduction of public goods. C. it is difficult to determine the values individual taxpayers place on goods and services that are produced using tax revenue. D. if tax payments are linked to the benefits received, taxpayers tend to overstate the benefits that they receive from public goods.