Internal production and market purchases are alternative ways of organizing transactions
Indicate whether the statement is true or false
true
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If a 5 percent increase in the price results in a 9 percent increase in quantity supplied, the elasticity of supply is
A) 0.30. B) 0.55. C) 1.20. D) 1.80.
Another word for elasticity is
a. responsiveness b. happiness c. bonus d. profit e. surplus
Amanda is from Vermont and visiting California for the first time. At home, Amanda always goes jogging early in the morning because it's hottest in the early afternoon. Not knowing what to expect of the weather in California, she decides to go jogging in the early morning during her visit. This decision is an example of:
A. loss aversion. B. status quo bias. C. a heuristic. D. positive framing.
Below are pairs of GDP growth rates and unemployment rates. Economists would be shocked to see most of these pairs in the U. S. Which pair of GDP growth rates and unemployment rates is realistic?
a. 5 percent, 1 percent
b. 3 percent, 5 percent
c. -1 percent, 3 percent
d. -2 percent, 4 percent