All things equal, the price elasticity of supply:
A. will be greater in the short run than in the long run.
B. will be greater in the long run than in the short run.
C. is the same for the short run and the long run.
D. approaches zero in the long run.
Answer: B
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Which of the following are regulations that nations in regional trade blocs establish to delineate product categories eligible for trading preferences?
A) trade quotas B) trade tariffs C) rules of law D) rules of origin
You are considering buying a store. In order to better access your return on the investment, you must ask the storeowner for the figures on days when
a. Sales are high, costs are low b. Sales are low, costs are high c. Both sales and costs are high d. All of the above
A tax cut targeted at ____ people may have a bigger effect because a. poorer; poorer people tend to spend a higher share of their income
b. poorer; poorer people tend to spend a lower share of their income. c. wealthier; wealthier people tend to spend a higher share of their income. d. wealthier; wealthier people tend to spend a lower share of their income.
Consider a many-worker economy with two goods. With access to international trade, a country can consume the greatest amount of both goods by producing at the point where the
A. production possibilities curve intersects the horizontal axis. B. slope of consumption possibilities curve is greater than the slope of the production possibility curve. C. consumption possibilities curve intersects the production possibility curve. D. slope of production possibilities curve is equal to slope of consumption possibilities curve.