If increasing the admission charge for National Parks increases the National Park Service's total revenue, then the demand for National Park visits is:
A. a perfectly horizontal line.
B. inelastic.
C. perfectly elastic.
D. elastic.
Answer: B
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With an increase in the capital stock, the short-run aggregate supply curve
A) remains as it is. B) shifts rightward. C) shifts leftward. D) becomes steeper.
Harry produces 2 balloon rides and 4 boat rides an hour. Harry could produce more balloon rides but to do so he must produce fewer boat rides. Harry is ________ his production possibilities frontier
A) producing inside B) producing on C) producing outside D) producing either inside or on
Which of the following is not true about the composition of GDP in 2014?
A) Imports are greater than exports. B) Business fixed investment is the largest component of investment. C) Purchases made by state and local governments are greater than purchases made by the federal government. D) The majority of consumer spending is on durable goods.
The index that the U.S. government currently uses to determine whether a merger should be allowed is the
a. Herfindahl index b. Schumpeter index c. Dow Jones average index d. consumer price index e. four-firm concentration ratio