The fact that there is a very limited amount of land in Hong Kong means the supply of new apartments in Hong Kong is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) limited by the demand.
A
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The ________ plots the relationship between prices and the quantity producers are willing to sell
A) isoquant B) indifference curve C) demand curve D) supply curve
When the economy enters a recessionary phase of the business cycle, unemployment tends to
A) be unchanged. B) increase. C) decrease. D) change in the same direction as the rate of inflation.
In game theory analysis, what is a "dominant strategy"?
What will be an ideal response?
"Last month unemployment fell to 4 percent, its lowest level in years. The economy is growing rapidly, but consumer prices have risen at an annual rate of 10 percent during the last six months." Which of the following policies would be most appropriate under these circumstances?
A. an increase in both government spending and taxes B. an increase in taxes C. a reduction in taxes D. an increase in government spending