If a 10 percent increase in price leads to a 20 percent increase in the quantity supplied, then the elasticity of supply is 0.5
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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The Social Security system is a(n)
A) ad valorem system. B) ability to pay system. C) progressive tax system. D) pay-as-you-go system.
Economics
Market failure occurs when supply and demand curves only reflect:
a. private or market costs and benefits. b. external costs and benefits. c. external benefits. d. external costs.
Economics
The quantity theory of money and prices assumes
A. velocity is increasing at a constant rate. B. the price level is constant. C. the price level is increasing at a constant rate. D. velocity is constant.
Economics
We were on the gold exchange standard from the year ________ to the year _________.
Fill in the blank(s) with the appropriate word(s).
Economics