If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied, the price elasticity of supply for oranges is ________.
A. 1/2
B. 5
C. 1/5
D. 2
Answer: B
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If the government does not provide it, the quantity of a nonexcludable good that private firms will choose to produce is
A. zero. B. more than the optimal amount. C. the optimal amount. D. optimal only if property rights are assigned. E. optimal only if the industry is competitive.
Which of the following bonds are called tax-exempts?
A) Municipal bonds B) U.S. savings bonds C) U.S. Treasury bonds D) Consols
Discouraged workers
A. have jobs, but are unhappy with them. B. are officially unemployed. C. want to work, but have given up looking for jobs. D. are not working and don't want to work.
Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 3, labor productivity is equal to
A. 0.22. B. 1.88. C. 3.21. D. 4.5.