The owner of an Oakley store has a more__________ demand curve and the owner of a chicken farm has a more__________ demand curve
a. inelastic; inelastic
b. elastic; inelastic
c. inelastic; elastic
d. elastic; elastic
c
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An example of an explicit cost of production is: a. the cost of foregone labor earnings for an entrepreneur
b. the cost of flour for a baker. c. the foregone rent that could have been earned if land owned by a firm was not used as its parking lot. d. provided by none of the above.
The process of deregulating the airlines was initiated in the late 1970s by
a. Ronald Reagan b. George Bush c. Jimmy Carter d. Paul Volcker e. Lyndon Johnson
Aid to families with dependent children was
A. a close-to-perfect welfare or public assistance program. B. criticized because it provided little incentive for recipients to get jobs. C. contributing to efficient production of goods. D. superior to a negative income tax for work incentives.
According to Keynes
A. only consumer spending could get us out of a depression. B. the problem during recessions was inadequate aggregate demand. C. the key to investment spending was aggregate supply. D. all of the statements are true.