Credit cards are regularly used in economic exchanges, so credit card balances are included in the definition of money.
Answer the following statement true (T) or false (F)
False
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If the price elasticity of supply equals zero, this implies that
a. suppliers can easily change quantity supplied when price changes b. the supply curve is long run c. the supply curve is perfectly vertical d. the percentage change in the price of the good supplied is zero e. the percentage change in quantity supplied equals the percentage change in price
If Japan imposes a quota on imports of rice, the effect will be
A. less rice and higher price in Japan, lower rice prices in exporting countries. B. more rice and higher price in Japan, higher rice prices in exporting countries. C. less rice and lower price in Japan, higher rice prices in exporting countries. D. more rice and lower price in Japan, lower rice prices in exporting countries. E. less rice and higher price in Japan, higher rice prices in exporting countries.
Which of the following terms identifies something that macroeconomists would study but that microeconomists would NOT?
A) incentives B) resources C) rationality D) aggregates
The marginal rate of return on investment is found by dividing the marginal resource cost per year by the marginal revenue product
a. True b. False