Pick the scarce good below with the completely inelastic demand curve
A) Clean air
B) Clean water
C) Tropical rain forests
D) Well-maintained national-forest fisheries
E) Trick question: none of the above goods have a completely inelastic demand curve.
E
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If the marginal propensity to consume (MPC) is 0.9, the spending multiplier will be
A) 10. B) 1.11. C) 0.9. D) 0.1.
The short run:
A. is typically defined by the process cycle of the particular firm. B. is generally less than a year. C. is defined by the presence of a fixed cost for a firm. D. All of these are true.
The production possibilities curve tells us that if full employment exists and a nation wishes to permanently increase its production of military goods, it must
A. also increase its production of nonmilitary goods. B. reduce its output of nonmilitary goods. C. suffer inflation. D. suffer unemployment.
Suppose that the market price for hot dogs sold by street vendors has just risen from $4.50 to $5.00, and that in response Curly has now begun operating a hot dog cart. We can assume that Curly's reservation price for hot dogs is:
A. greater than $4.50 but no more than $5.00. B. at least $5.00. C. $4.50. D. $5.00.