If the supply curve for a product is vertical, then the elasticity of supply is:
a. equal to zero
b. equal to one.
c. greater than one but less than infinity.
d. equal to infinity.
a
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Futures trading practices in the United States are regulated by
A) the Chicago Board of Trade. B) the Chicago Mercantile Exchange. C) the Commodities Futures Trading Commission. D) the Board of Futures Trading.
If good "A" is represented on the horizontal axis and good "B" on the vertical axis, then the steeper the production possibilities frontier at a given level of production of good "A," the
a. larger the opportunity cost of producing an extra unit of good "A." b. larger the quantity of resources being devoted to the production of good "B." c. smaller the quantity of resources being devoted to the production of good "A." d. smaller the opportunity cost of producing an extra unit of good "A." e. greater the returns to scale in the production of good "A."
Which of the following is an accurate statement of the difference between the individual demand curve and the individual supply curve?
a. The demand curve slopes upward from left to right; the supply curve slope downward from left to right.
b. The demand curve slopes downward from left to right; the supply curve slopes upward from left to right.
c. The demand curve can be shifted by technology variables; the supply curve can be shifted by income variables.
d. The demand curve can be shifted by price variables; the supply curve can be shifted by taste variables.
The distribution of income in the United States
A. became slightly more equal during the 1980s. B. did not change significantly during the 1980s. C. has become more unequal since 1980. D. has become more equal since 1980.