Factories and machines are examples of:
A. capital goods.
B. consumption goods.
C. non-market goods.
D. value-added goods.
Answer: A
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Supply is unit elastic when the
A) supply curve is upward sloping. B) price elasticity of supply is positive. C) percentage change in the quantity supplied equals the percentage change in price. D) supply curve is horizontal. E) supply curve is vertical.
Rational expectations economists believe that the potential effects of government policy changes are ______ addressed by households and firms.
a. slowly b. quickly c. unreasonably d. infrequently
An external cost is built into the market price of a good and thus paid by the consumers
a. true b. false
If the New Orleans Saints were playing the Arizona Cardinals in the NFC final to determine who would play in the Super Bowl, and their fans were willing to pay three times the face-value price for tickets, economists would suggest that a scalping market would appear, and it
A. would make all ticket holders and potential buyers better off (or at least no worse off). B. cause the price to fall back to the face value. C. cause the price to fall below the face value. D. would make all ticket holders and potential buyers worse off.