Which of the following formulas would show price elasticity of supply?
a. 20% + +5% = +25
b. 20% – +5% = +15
c. 20% × +5% = +100
d. +20% ¸ +5% = +4
d. +20% ¸ +5% = +4
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From 1970 to 1995, American productivity
A. decreased. B. remained the same. C. increased at a slower rate. D. increased at a faster rate.
The long-run supply curve is upward sloping in a(n)
a. decreasing-cost industry b. increasing-cost industry c. constant-cost industry d. labor-intensive industry e. capital-intensive industry
Fun Time Toys produced $60 million worth of toys in 2008 . Because of a slow Christmas shopping season, only $50 million worth was sold to consumers, and the remaining $10 million worth went into inventories. Based on this information, how was GDP affected in 2008?
a. $60 million was added to GDP; $50 million was classified as consumption spending and $10 million was classified as private investment b. $60 million was added to GDP, all classified as consumption spending c. $50 million was added to GDP, all classified as consumption spending d. $40 million was added to GDP; $50 million was classified as consumption and -$10 million was classified as private investment e. $40 million was added to GDP, all classified as consumption
A 14-day training and workshop initiative undertaken by a manufacturing firm improves the productivity of its workers and increases its monthly production. This results in a(n): a. upward movement along the demand for labor curve. b. rightward shift of the demand for labor curve
c. leftward shift of the demand for labor curve. d. downward movement along the demand for labor curve.