Usually, price elasticities of supply are
A) positive, because higher prices yield larger quantities supplied.
B) considered short-run adjustments due to supply constraints.
C) ordinarily a negative number based on the law of supply.
D) an inverse relationship between price and quantity supplied.
Answer: A
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Which of the following suggests that people have no control over the number of hours they work?
a. Most workdays last from 8 a.m. to 5 p.m. b. People make use of the opportunity for overtime. c. People make use of the opportunity to moonlight. d. People make use of early retirement options. e. Many workers hold more than one job.
On a graph, consumer surplus is represented by the area
a. between the demand and supply curves. b. below the demand curve and above price. c. below the price and above the supply curve. d. below the demand curve and to the right of equilibrium price.
Poor nations typically have a competitive advantage in agricultural goods because of
A. High productivity. B. Low labor costs. C. Entrepreneurial incentives. D. Plenty of land.
According to Kahneman and Tversky's value function, which of the following gifts provide higher total values:
A. 4 different gains of $25 each B. 1 gain of $100 each C. 2 different gains of $50 each D. All provide exactly the same value