Refer to Figure 8.1. The firm earns zero profit at what output?
A) 0.
B) 34 and 79.
C) 54.
D) 60.
E) 67.
B
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The supply of beach front property on St. Simon's Island is
A) elastic. B) unit elastic. C) negative. D) inelastic. E) perfectly elastic.
Refer to Figure 28-3. The shifts shown in the short-run and long-run Phillips curves between period 1 and period 2 could be explained by
A) either an increase in expected inflation from 4.0 to 5.5 percent or an increase in the natural rate of unemployment from 5.5 to 6.8 percent. B) an increase in the expected inflation rate from 4.0 to 5.5 percent. C) an increase in the natural rate of unemployment from 5.5 to 6.8 percent. D) None of the above is correct.
Most economists consider the case for jawboning to control inflation is strongest when this policy is used:
a. for a long period of time. b. to combat inflation that is out of control. c. to combat cost-push inflation. d. All of these are true.
Along a perfectly elastic supply curve
a. the quantity supplied is always the same b. the price elasticity of demand is always the same c. the price is always the same d. the cross-price elasticity of demand is always the same e. the elasticity of supply is different at each point.