If the percentage change in price is 5%, and the percentage change in quantity supplied is 10%, then the supply for the good is
A. inelastic.
B. unit elastic.
C. perfectly inelastic.
D. elastic.
Answer: D
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All economic questions and problems arise from
A) turmoil in the stock market. B) the difference between self-interest and social interest. C) the fact that society has more than it needs. D) a society's wants exceeding what its scarce resources can produce. E) the unequal distribution of income.
In every economic system, choices must be made because resources are ________ and our wants are ________
A) unlimited; limited B) limited; unlimited C) unlimited; unlimited D) limited; limited
Refer to Figure 8.1. At 67 units of output, profit is
A) maximized and zero. B) maximized and negative. C) maximized and positive. D) not maximized, and zero. E) not maximized, and negative.
If real GDP in Korea amounted to 448.3 trillion wons in 1999 and 473.7 trillion wons in 2000 . compute the growth experienced by this country in 2000?
a. 5.4% b. 5.66% c. 2.54% d. -1.05% e. -9.4%