The price elasticity of supply at a point is the:
A. change in quantity supplied divided by the change in price.
B. change in price divided by the change in quantity supplied.
C. percentage change in price divided by the percentage change in quantity supplied.
D. percentage change in quantity supplied divided by the percentage change in price.
Answer: D
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The ________ the Herfindahl-Hirschman Index, the ________
A) lower; more concentrated the industry B) higher; more concentrated the industry C) higher; less concentrated the industry D) lower; higher the profits earned in the industry
If Ricardian equivalence holds, one way to get the expansionary effects of a tax cut to occur is:
A. pair it with reduced government spending. B. pair it with increased government spending. C. to run a campaign inspiring people to buy goods made in the United States. D. None of these will create the expansionary effects of a tax cut.
Currencies that are not backed by precious metals of equal value are called:
a. Legal tender. b. "Trouble" – with a capital "T." c. Near money. d. Repurchase agreements. e. Fiat money.
An investor will generally find that hiring an investment firm to actively manage his or her portfolio will
A) result in a higher return than would be received from an index mutual fund. B) be less expensive than simply placing money in an index mutual fund. C) result in a higher return, but will be more expensive than placing money in an index mutual fund. D) result in about the same return, but be more expensive than placing money in an index mutual fund.