Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. At the price of ________ cents per apple, the United States imports 6 million apples per day.
A. 20
B. 30
C. 40
D. 60
Answer: B
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In perfect competition, each individual firm faces ________ demand curve
A) an inelastic B) an upward sloping C) a perfectly elastic D) a downward sloping
If individuals are paid the wage at which the supply of labor is equal to the demand for labor,
A) no unemployment exists, and workers have no incentive to shirk. B) no unemployment exists, and workers have an incentive to shirk. C) some unemployment still exists, but workers have no incentive to shirk. D) some unemployment still exists, but managers can tell whether or not workers are shirking.
Refer to the above diagram. If the production possibilities curve of an economy shifts from AB to EF, it is most likely the result of what factor affecting economic growth?
A. An efficiency factor. B. A demand factor. C. An allocation factor. D. A supply factor.
Which has greater elasticity: a supply curve that goes through the origin with slope of 1 or a supply curve that goes through the origin with slope of 4?
A. The supply curve with slope of 4. Slope and elasticity are directly related so the higher the slope, the higher the elasticity. B. They both have the same elasticity. Any supply curve with a positive slope has the same elasticity. C. They both have the same elasticity. Any supply curve that goes through the origin has an elasticity of 1. D. The supply curve with slope of 1. Slope and elasticity are inversely related so the lower the slope, the higher the elasticity.