Tax influence of the elasticity of supply
What will be an ideal response?
Perfectly elastic supply = buyers pay
Perfectly inelastic supply = sellers pay
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The per-worker production function is ____ sloped and ____ at a(n) ____ rate
a. negatively; decreases; diminishing b. negatively; decreases; increasing c. positively; increases; increasing d. positively; increases; diminishing
According to proponents of the signaling theory of education,
a. schooling has no real productivity benefit. b. no one person finds it easier to earn a college degree than does any other person. c. the human-capital view of education is entirely correct. d. employers send signals to young people to persuade them to expend whatever effort is necessary to earn college degrees.
Suppose firm X implements a new method for extracting copper from copper-bearing ore. This is an example of:
A. product innovation. B. process innovation. C. economics of scale. D. the inverted-U theory.
A one percentage point in the growth rate
A. can make a big difference in the per capita real GDP because of compounding. B. can make a big difference in the per capita real GDP because of urban congestion. C. does not make much difference in the long run per capita real GDP. D. will not influence the real standard of living in a country.