The exclusive privilege to use an asset is called a(n)
A) property right.
B) exclusive use agreement.
C) property privilege.
D) right to work privilege.
A
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An economist estimates that the price elasticity of demand for disposable diapers is 0.67. This suggests that disposable diaper producers could:
A. advertise more to raise the price elasticity of demand. B. encourage more parents to use cloth diapers. C. lower the price of disposable diapers to raise more revenue. D. raise the price of disposable diapers to raise more revenue.
Between 1960 and 2010, the annual growth rate in percent per year was the highest in
A) China. B) United States. C) Brazil. D) Singapore. E) South Korea.
The short-run aggregate supply curve shows the relationship between ____ and ____, holding all other factors constant
a. a price level, the quantity of real GDP supplied b. price level, the supply of real GDP c. nominal GDP, the price level of real GDP d. the quantity of nominal GDP supplied, the price level
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher