If the price elasticity of supply for a good is 10, then supply is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
A
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With cheaper communication technology and easy flow of information between countries,
a. industrial production becomes more labor intensive. b. the pattern of employment and production can change. c. the digital divide widens. d. transaction costs increase.
In year 1 the CPI is 180, and in year 2 the CPI is 192. From year 1 to year 2, Javier's salary rises from $40,000 to $42,000, and Tom's salary rises from $55,000 to $57,000. Who is "more than keeping up with inflation"?
A) Javier B) Tom C) both Tom and Javier D) neither Tom nor Javier
What is the role of the Federal Open Market Committee (FOMC)?
(A) It makes key decisions about interest rates and the growth of the United States money supply. (B) It redraws the map of the 12 Federal Reserve Districts every ten years in response to economic changes. (C) It collects information on each Federal Reserve District and reports on economic conditions to the Board of Governors. (D) Composed of seven members appointed by the President, it oversees the Federal Reserve System.
In general, we would expect the marginal cost of pollution abatement to be
A) zero. B) decreasing. C) increasing. D) constant.