The elasticity formula solves the units problem because percentages are unaffected by the units of measure.
Answer the following statement true (T) or false (F)
True
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If total government tax collections equal $100 billion, transfer payments equal $50 billion, and government interest payments equal $5 billion, then net taxes equal:
A. $105 billion. B. $45 billion. C. $55 billion. D. $155 billion.
When firms in monopolistic competition incur an economic loss, some firms will
A) enter the industry and produce more products. B) exit the industry, and demand will increase for the firms that remain. C) exit the industry, and demand will decrease for the firms that remain. D) enter the industry, and demand will become more elastic for the original firms. E) exit the industry and other firms will enter.
Many developing countries have a static comparative advantage in the production of one or two primary products. In what ways might specialization in these products contribute to growth and development? In what ways might this fail to contribute?
What will be an ideal response?
Increases in the capital stock:
a. Shift the short run aggregate supply curve upward b. Shift the long run aggregate supply curve to the right. c. Shift short run aggregate supply curves upward and long run aggregate supply curves to the right. d. Do none of the above