If the price elasticity of supply is zero, the supply curve is a horizontal line parallel to the quantity axis
a. True
b. False
Indicate whether the statement is true or false
False
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Economic theory assumes citizens vote
A) in total ignorance of each issue. B) in their own interest. C) in the public interest. D) by systematically discounting their long-run interests.
Refer to Table 4-8. If a minimum wage of $10.00 is mandated there will be a
A) shortage of 40,000 units of labor. B) surplus of 20,000 units of labor. C) surplus of 40,000 units of labor. D) shortage of 20,000 units of labor.
Voluntary programs for reducing pollution
a. have been more successful in the United States in encouraging recycling than any other type of program. b. are most appropriate when surveillance and enforcement are impractical. c. work most reliably when voluntary reduction of pollution over a long period is encouraged. d. are enforced by legal authority.
From November 1993 to December 1994, the Democratic Republic of the Congo experienced an inflation rate of 69,502. This economic condition would best be described as:
a. Cost-push inflation b. A cost-of-living adjustment c. Anticipated inflation d. Hyperinflation