The cost-output elasticity is used to measure
A) input substitution flexibility.
B) the slope of the firm's expansion path.
C) the slope of long-run average cost.
D) the slope of long-run marginal cost.
E) economies of scale.
E
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Suppose that the chain-weighted index for GDP in Gambia was 275 in 2015 and 350 in 2016. The inflation rate between those two years was approximately
A) 20.2 percent. B) 27.3 percent. C) 37.5 percent. D) 75 percent.
The table above gives the utility from pens and pencils. If the consumer has an income of $4, pens cost $1, and pencils cost $.20, which of the following combinations maximizes the consumer's utility?
A) 4 pens and 0 pencils B) 3 pens and 5 pencils C) 3 pens and 6 pencils D) no combination shown
Of the stimulus package proposed by the Bush Administration in 2008,
A. the tax rebates were adopted while, the extension of temporary tax cuts was rejected. B. none of the proposed components of the package were actually implemented. C. all of the proposed components of the package were quickly implemented. D. the tax rebates were rejected while, the extension of temporary tax cuts was adopted.
If the world supply curve is SW0,
A. there is a trade deficit. B. trade is in balance. C. there is a trade surplus. D. there is no trade.