If a 40% change in price results in a 25% change in quantity supplied, then the price elasticity of supply is about
a. 0.63, and supply is elastic.
b. 0.63, and supply is inelastic.
c. 1.60, and supply is elastic.
d. 1.60, and supply is inelastic.
b
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In cost-benefit analysis, there is no problem created by inflation.
A. True B. False C. Uncertain
When property rights are clearly defined and enforced, private owners will
a. use their property for selfish ends because they have little or no incentive to consider the desires of others. b. develop and direct their property toward uses that others value highly because the market will generally reward them for doing so. c. have little or no incentive to take care of their property or conserve it for the future. d. be unable to derive personal gain if they are sensitive to the desires of others when deciding how to use their property.
Camila is a homemaker. Last week, she was busy with her normal household activities. How would the Bureau of Labor Statistics classify her?
a. A member of the civilian labor force who is employed. b. A member of the civilian labor force who is unemployed. c. A member of the civilian labor force who is underemployed. d. A discouraged worker who is not a member of the labor force. e. Not a member of the labor force.
Since 1960, real hourly compensation in the United States has approximately:
A. remained the same. B. risen by 40 percent. C. doubled. D. tripled.