Suppose quantity supplied increases from 16 to 24. Using the mid-point formula, the percentage change in quantity supplied is:
A. 4%
B. -40%
C. 0.4%
D. 40%
Answer: D
You might also like to view...
Which of the following helps to explain the high savings rate in Singapore?
A) employer contributions for workers under the age of 50 B) the lack of a Social Security system like the one in the United States C) government policy D) all of the above
The advice to "retrain" would be most appropriate for which of the following types of unemployment?
A) structural unemployment B) core unemployment C) frictional unemployment D) cyclical unemployment
Based on the theory of the expectations-augmented Phillips curve, if the expected inflation rate is 2%, the short-run Phillips curve will
A) have a kink at an inflation rate of 2%. B) be the same as the long-run Phillips curve. C) intersect the long-run Phillips curve at the natural unemployment rate, when the inflation rate is 2%. D) be horizontal at an expected inflation rate of 2%.
The gap between Federal expenditures and Federal revenues after 1980 was caused primarily by
A) the recessions which occurred in the 1980s. B) a substantial decrease in Federal revenues. C) a substantial increase in Federal expenditures. D) rising interest rates which made caused investment and growth to collapse.