The longer the time period considered, the more the elasticity of supply tends to _______.
a. decrease
b. remain constant
c. increase
d. converge to zero
c. increase
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Which of the following is (are) linked to (an) adverse supply shock(s)?
A) the terrorist attacks of 2001 B) collective bargaining that followed the termination of U.S. wage and price controls in 1973 C) the corporate scandals of 2002 D) all of the above E) none of the above
What most accurately describes the trend in inter-city prices between 1815-1860?
a. Prices of goods in different eastern cities diverged. b. The prices of goods in the Midwest converged towards the prices of goods in the east. c. Prices of goods in the Midwest decreased relative to the prices of goods in the east.
What is the general principle of price discrimination?
Which of the following is true of the life-expectancy rates observed across the world economies in 2007?
a. Life expectancy at birth averaged 72 years in sub-Saharan Africa. b. Life expectancy at birth averaged 80 years in high-income economies. c. Life expectancy at birth averaged 52 years in middle-income economies. d. Life expectancy at birth averaged 69 years in all low-income economies.