Price elasticity of supply is defined as
A) the quantity supplied divided by the quantity demanded.
B) the change in the quantity supplied divided by the change in the quantity demanded.
C) the percentage change in the quantity supplied divided by the percentage change in price.
D) the percentage change in the quantity supplied divided by the percentage change in the quantity demanded.
C
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There are no costs to inflation if it is fully anticipated
Indicate whether the statement is true or false
Economic variables that tend to move in tandem with the overall phases of the business cycle are called leading indicators
Indicate whether the statement is true or false
Robert Fogel (1964) demonstrates that
(a) the social saving of the railroad was large; much of the country (over 25%) could not have been settled and cultivated without the railroad. (b) the canal and river systems of transportation could very nearly have produced the same results as the railroad in terms of land cultivated. (c) the railroad was responsible for a great "take-off" in terms of economic growth in the 19th century. (d) the railroad gave a huge boost to the iron industry because for a time it consumed well over 50% of all iron produced.
When the demand for housing slumps, carpenters might expect their incomes to fall
a. True b. False