Figure 5.4In Figure 5.4, supply is perfectly inelastic in graph:
A. A.
B. B.
C. C.
D. D.
Answer: A
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Refer to Figure 4-10. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing the portion of consumer surplus transferred to producers as a result of the price floor?
A) B + C B) A + B C) B D) A
Which of the following will NOT increase the productivity of labor?
A. technological improvements B. an increase in the capital stock C. improvements in education D. an increase in the size of the labor force
Which of the following statements can correctly be made about social regulation?I.Extensive social regulation may have an anticompetitive effect.II.The benefits of social regulation are easier to measure than are the costs of social regulation.
A. I only B. II only C. both I and II D. neither I nor II
A weakness in the concept of GDP is that it ignores income distribution.
Answer the following statement true (T) or false (F)