When the price of computer printers decreased from $100 to $85, the number of computer printers produced fell from 1,000 per week to 850 per week. Using this information, we know the supply of computer printers is
A. elastic.
B. perfectly inelastic.
C. inelastic.
D. unit elastic.
Answer: D
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The cookie industry in Eatsweetland consists of 15 firms. The industry sales are $80 million per month. The sales of the largest 5 firms are shown in the table below. The rest 10 firms have sales of $3 million each. The U.S
Department of Justice would classify the market for cookies in Eatsweetland as A) competitive. B) uncompetitive. C) moderately competitive. D) monopolistic.
A basic precondition necessary to achieve economic growth is
A) a well-organized work force. B) well-functioning factories. C) a strong central government that directs the nation's research and development activities. D) a well-functioning legal system. E) well-being of society.
Most economists agree that the best way to evaluate policy is to:
A. know whether the intentions behind the policy were good intentions. B. learn if the policy can be determined through a democratic political process, not simply imposed by a bureaucracy. C. compare the actual benefits of the policy with the actual costs. D. determine whether the public thought that the government had done all it could do to solve the problem.
GDP would be a better measure of economic well-being if it included:
A. the costs of education. B. the market value of final goods. C. the total value of intermediate goods. D. the value of leisure.