The introduction of refrigerators into American homes:
A) decreased the magnitude of the short run own price elasticity of demand for raw meat.
B) did not affect the short run own price elasticity of demand for raw meat.
C) increased the magnitude of the short run own price elasticity of demand for raw meat.
D) decreased the magnitude of the short run own price elasticity of demand for smoked meats.
C
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
If raising taxes or borrowing are your only two choices of financing current expenditures, which would you choose, and why, if you were in charge of setting policy?
What will be an ideal response?
According to economists, competitive firms
A) compete for the same customers. B) are price takers. C) differentiate their products. D) are able to change output and affect the market price.
When a worker specializes in one task, he focuses on that one function in the production process, ignoring the whole system. This is likely to
A. increase the cross-training costs. B. result in functional myopia that reduces overall productivity. C. eliminate trade-offs since only one task is undertaken by each employee. D. lead to greater complementarity between one task and another.