The supply curve in the graph above is
A. perfectly elastic.
B. relatively elastic.
C. perfectly inelastic.
D. relatively inelastic.
C. perfectly inelastic.
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Refer to the above figure. The equilibrium level of real Gross Domestic Product (GDP) is
A) $6 trillion. B) $7 trillion. C) $12 trillion. D) $20 trillion.
Which was not a way in which tariffs hurt the South?
a. Southern produced products lost US market share. b. The tariffs raised the price of imported goods to consumers. c. England had less money with which to purchase American made goods.
The supply schedule and the supply curve are just two __________ ways of showing the same information.
a. numeric b. graphical c. identical d. different
Which of the following statements is not correct?
a. If the signaling theory of education is correct, additional schooling does not affect worker productivity but rather signals a correlation between natural ability and education. b. The theory of efficiency wages suggests that firms pay higher wages to workers in order to induce workers to be more productive. c. Discrimination against workers of a certain race or ethnicity is often in conflict with a firm's desire to maximize profits. d. The theory of compensating wage differentials reflects the different skills, abilities, and productivity of workers.