In the market for oil in the short run, demand
a. and supply are both elastic.
b. and supply are both inelastic.
c. is elastic and supply is inelastic.
d. is inelastic and supply is elastic.
b
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What is the journal entry to record the direct labor summarized on the labor distribution report?
a. debit to Finished Goods and credit to Payroll b. debit to Work-in-Process and credit to Payroll c. debit to Payroll and credit to Direct Labor d. debit to Payroll and credit to Cash
If productivity is growing at some sustained rate g, then output and capital per worker ________
A) are growing at the same rate g, in a stable steady state B) are growing faster than g, because improving technology encourages a higher rate of saving and investment C) are growing slower than g, because some of the new capital is merely replacing obsolete capital D) are growing faster than g, because productivity does not suffer from diminishing marginal product
Which of the following characteristics of a monopoly leads to positive economic profits?
a. The horizontal market demand curve faced by a monopolist b. The existence of a large number of firms in the market c. The availability of substitutes for the monopolist's product d. The price-setting behavior of a monopolist
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A