The factor of production that is always fixed in the short run is
a. the amount of raw materials
b. the size of the physical plant
c. the number of workers
d. energy costs
e. quantity of output
B
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Excess reserves equal
A) total reserves less required reserves. B) required reserves less total reserves. C) total reserves plus required reserves. D) required reserves divided by total reserves.
If the price elasticity of demand for football tickets is 4.5, then a 10 percent increase in the price of football tickets will generate a
a. 4.5 percent decrease in quantity demanded b. 4.5 percent increase in quantity demanded c. 45 percent decrease in quantity demanded d. 45 percent increase in quantity demanded e. 450 percent increase in quantity demanded
Taxes on polluting emissions are
a. more efficient than direct controls. b. used by all economic societies. c. less effective than direct regulations. d. easily enforced through the criminal justice system.
Economists use the ceteris paribus assumption primarily in order to
A) make their analyses easier for them to conduct. B) designate what they believe is the correct relationship between two variables. C) explain why people sometimes consume more of a good when its price rises. D) explain why those things that come first do not necessarily cause those things that come later. E) designate the difference between normative and positive economics.