Assume the price of gasoline doubles tonight and remains at that price for the next two years. Compared with the long-run price elasticity of demand for gasoline, the short-run price elasticity of demand for gasoline will be ________:
A. lower
B. the same
C. higher
D. more variable
Answer: A
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The "nonconvergence" problem with the Solow growth model is that
A) a higher return to capital in poor countries should essentially cause all nations to have roughly the same standard of living, yet they clearly do not. B) if a disturbance dislodges an economy from the steady-state point, it continues moving further from that point indefinitely. C) technological change is assumed to just "drop from the sky." D) a rise in the rate of national saving does not raise the growth rate of real GDP per person.
CEO is an abbreviation for
a. corporate executive organization b. category of endless output c. chief executive officer d. common efficient output e. corporate extra operation
Regarding taxation and efficiency, which of the following statements is not true? a. Many inefficiencies arise from taxation. b. Many burdens arise from taxation. c. Some taxes lead to greater efficiency
d. All of the above statements are true.
Investment is a(n) ____ and capital is a(n) ____ variable
a. physical, financial b. stock, flow c. asset, liability d. flow, stock