A vertical supply curve may be described as being
A) relatively elastic.
B) perfectly inelastic.
C) relatively inelastic.
D) perfectly elastic.
Answer: B
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In Macroland, 500 000 of the 1 million people in the country are employed. Average labour productivity in Macroland is $20 000 per worker. Real GDP per person in Macroland totals:
A. $1000 B. $10 000 C. $15 000 D. $20 000
An increase in human capital will tend to cause which of the following?
A) increase labor productivity B) increase the standard of living C) increase economic growth D) all of the above
An opportunity cost of economic growth is
A) essentially zero because economic growth leads to such large gains in the long run. B) the decrease in production of consumption goods in the present time period. C) decreased by the creation of capital goods rather than consumption goods. D) so high that places such as Hong Kong have had to do without it.
Which of the following is NOT a precondition for price discrimination?
A) The product cannot be resold to another customer. B) The price elasticities of demand are different for each group of consumers. C) The product is a durable good. D) The seller must have some market power.