Refer to the figure below. What is the price elasticity of supply at point A? 
A. 2
B. 4
C. 1/2
D. 1
Answer: D
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A dieter who prefers to eat small portions at his next meal, but chooses a large portion at mealtime when it arrives is:
A. dynamically consistent. B. statically consistent. C. exhibiting a present bias. D. exhibiting a substitution bias.
The profit maximizing or loss minimizing quantity of output for any firm to produce exists at that output level in which:
A. total revenue is maximized. B. total cost is minimized. C. marginal cost is minimized. D. marginal revenue equals marginal cost.
When the economy goes into a recession and firms require less labor, managers tend to:
A. Reduce wages, to reflect the lower demand for labor B. Avoid cutting wages, for fear of drops in worker-productivity C. Lay off workers, and keep wages of remaining workers constant D. Keep all of their workers, by spreading work more thinly
Education achievements ________
A) are a sufficient condition for economic development to occur B) are a guarantee of making a poor country wealthy C) cannot raise human capital D) are both rival and nonrival in character