Refer to Figure 6-11. What is the value of the price elasticity of supply between g and h?
A) 0.5 B) 2 C) 20 percent D) 0.02
B
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Railroads attracted funds from foreign investors
Indicate whether the statement is true or false
The per capita GDP of a country is calculated by: a. dividing the total population of the country by its GDP
b. dividing the GDP of the country by its total population. c. multiplying the GDP of the country by its total population. d. adding the GDP of the country to its total population.
The traditional view of monopolistic competition holds that this type of industrial structure is inefficient because
a. there are too few firms to reach an efficient level of production. b. firms do not operate at the output that minimizes average costs. c. more advertising is needed to inform customers about product differences. d. consumers do not have enough choice among the product varieties available.
Logrolling is when a politician ______.
a. votes for an issue in exchange for someone else’s vote on another issue b. misleadingly portrays opponent as more radical than they actually are c. puts aside the public good under pressure from special interest groups d. claims to support an issue but votes against it