A key determinant of the price elasticity of supply is the
a. number of close substitutes for the good in question.
b. extent to which buyers alter their quantities demanded in response to changes in prices.
c. length of the time period.
d. extent to which buyers alter their quantities demanded in response to changes in their incomes.
c
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Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Belize gain compared to the "without trade" numbers?
A) -100 B) 0 C) 150 D) 250
A _________ card is an instruction to the user’s bank to transfer money directly and immediately from your bank account to the seller.
a. smart b. debit c. credit d. money
The price of coal fell and the quantity sold also fell. Everything else being equal, it is consistent that
a. the price of oil fell. b. coal miners received large wage increases. c. more efficient mining equipment was installed. d. consumer incomes rose. e. the supply of coal fell.
The poverty threshold income level equals the
a. average income of the bottom one-tenth of all income recipients. b. cost of an economical and nutritional food plan for a family multiplied by six. c. cost of an economical and nutritional food plan for a family multiplied by three. d. average income of a family headed by a worker who has been unemployed for six months or more.