Ceteris paribus, if an 6% increase in quantity supplied is caused by an 8% increase in price, then:
a. supply is elastic
b. supply is unit elastic.
c. supply is inelastic.
d. the supply curve is perfectly vertical.
c
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When considering trade of two goods between two people, if one person has all the endowment of both goods, this allocation
A) is never on a contract curve. B) will result in trade so each person has all of one good. C) will result in trade to a equal division of goods between the two people. D) is Pareto efficient.
Banks can borrow reserves from each other through:
A. open market purchases. B. secondary reserves. C. the Fed funds market. D. the Federal Open Market Committee.
To avoid a coordination failure, the intentions of savers and investors must be both
A. increasing. B. at their planned levels. C. more than full employment GDP. D. at levels set by the government.
A person's productive contribution in a capitalist society is measured by determining the
A) market value of the individual's output. B) comparable output of other workers in similar jobs. C) total number of goods produced by the individual. D) index of occupational values.