Which of the following is a short-run adjustment?
A. Three new firms enter the computer chip industry.
B. A firm hires six new workers.
C. The number of farms in Kansas increases by 10%.
D. A firm opens two new plants.
Answer: B
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Explain why the price elasticity of demand varies along a demand curve, even if the demand curve is linear
What will be an ideal response?
A side effect of an action that affects the well-being of third parties is
A. a marginal cost. B. a marginal private benefit. C. an externality. D. a and b E. all of the above
Which of the following doesn’t characterize the properties of a dollar:
A. changes in value over time. B. can reflect the cost of living in terms of the goods it can purchase. C. has no worth itself, but represents goods we can buy with it. D. it has a fixed value that doesn’t change over time.
Explain the meaning of the term dead capital, and discuss why its existence retards economic growth.
What will be an ideal response?