If the price of a good doubles and quantity supplied triples, then
a. demand is elastic
b. demand is inelastic
c. supply is inelastic
d. supply is elastic
e. there is insufficient information to reach any conclusion about the price elasticity of supply
D
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The total fixed cost remains constant as which of the following varies?
a. Cost of resources. b. Time. c. Output in a given period of time. d. Profit.
At any price below the equilibrium price, the: a. demand is greater than supply
b. supply is greater than demand. c. quantity demanded is greater than quantity supplied. d. quantity supplied is greater than quantity demanded.
When the crowding-out effect of an increase in government purchases is included in the analysis:
a. AD shifts left, but by more than the simple multiplier analysis would imply. b. AD shifts left, but by less than the simple multiplier analysis would imply. c. AD shifts right, but by more than the simple multiplier analysis would imply. d. AD shifts right, but by less than the simple multiplier analysis would imply.
List the drawbacks of the gold standard
What will be an ideal response?