If the estimated elasticity of supply coefficient equals 0.85, then:
a. the supply curve is vertical
b. the demand curve is horizontal.
c. supply is unit elastic.
d. supply is relatively inelastic.
d
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An increase in wages in the public sector is caused solely by increased labor productivity in that sector
a. True b. False Indicate whether the statement is true or false
The unemployment rate tells us:
A. what percentage of the labor force want to work and can't find a job. B. what portion of the population is causing the economy to languish. C. how to solve the problem of unemployment. D. who is being affected by the fluctuations of the economy.
If society were to experience an increase in its available resources its production possibilities frontier would:
A. shift in. B. not move. C. become convex. D. shift out.
According to the graph shown, total surplus is area:
A. A + B. B. A + B + C. C. B. D. A.