The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Over which price range is the elasticity of supply greater than 1?
A. $20 to $25
B. $10 to $15
C. $15 to $20
D. $25 to $30
Answer: D
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A wealth tax can be justified because it
A. helps to correct certain (inevitable) problems that arise in the administration of an income tax. B. the higher an individual's wealth, the greater his or her ability to pay, other things - including income - being the same. C. reduces the concentration of wealth, which is desirable socially and politically. D. are payments for benefits that wealth holders receive from government. E. all of these answer options are correct.
A monopolistically competitive firm in long-run equilibrium:
A) will make negative profit. B) will make zero profit. C) will make positive profit. D) Any of the above are possible.
When Iceland can generate a product using fewer labor hours and resources than the United States, an economist would say that Iceland had
a. a comparative advantage in production of the product. b. an absolute advantage in production of the product. c. a higher opportunity cost of producing the product. d. no incentive to import the product, regardless of the cost-price conditions for other products.
By hedging with futures, buyers and sellers are eliminating basis futures price level risk and assuming level risk.
a. true b. false