Price elasticity of supply measures how much the quantity supplied responds to changes in the price
a. True
b. False
Indicate whether the statement is true or false
True
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If Nations Quirk and Turk only produce aluminum or oil, the table below shows the maximum output of each nation. Output (units)NationsAluminumOilQuirk2040Turk3090Which one of the following terms of trade is most likely to produce mutually beneficial exchange between the two nations?
A. 1 unit of oil for 0.4 unit of aluminum B. 0.5 unit of oil for 2 units of aluminum C. 0.5 unit of oil for 1 unit of aluminum D. 1 unit of oil for 4 units of aluminum
Describe the policies that would be associated with Import Substitution Industrialization. What are the primary criticisms of these policies?
What will be an ideal response?
An example of a final service is:
A. a tire to replace your flat. B. a used car. C. getting the oil changed in your car. D. Tires purchased by Ford to put on their new Explorers.
Judged by international standards, the national debt of the United States, in terms of its national debt as a percentage of GDP is
A) the highest among the developed nations. B) the lowest among the developed nations. C) above average among the developed nations. D) below average among the developed nations.