Which statement is true?
A. America has always had a very productive agricultural sector.
B. The most influential factor in the United States' economic development during the 19th century was a great abundance of labor.
C. The central problem of economics is an oversupply of capital.
D. None of the statements are true.
A. America has always had a very productive agricultural sector.
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Which of the following is true?
i. The supply of a good is inelastic if when its price changes, the percentage change in the quantity supplied exceeds the percentage change in price. ii. Price elasticity of supply equals the percentage change in the quantity supplied divided by the percentage change in price. iii. If demand is price elastic, a rise in price leads to a decrease in total revenue. A) only i B) only ii C) only iii D) i and ii E) ii and iii
Consumer surplus in a market for a product would be equal to the area under the demand curve if
A) the product was produced in a perfectly competitive market. B) marginal cost was equal to the market price. C) the market price was zero. D) producer surplus was equal to zero.
Corrective taxes
a. encourage consumers to avoid sales taxes by shopping online. b. are frequently used to discourage imports. c. are less efficient than direct regulation. d. give factory owners an economic incentive to reduce pollution.
Under a system of marketable pollution permits:
A. firms can trade away their right to pollute. B. the amount of pollution an individual firm can generate is determined by the number of permits issued to it by the government. C. the production costs for firms are not affected. D. the government controls the production process of firms who pollute.