An elastic supply is one in which the elasticity is greater than:
a. two.
b. four.
c. one.
d. three.
c. one.
An elastic supply is one in which the elasticity is greater than one.
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As the tax wedge associated with a given economic activity gets smaller, we would expect
A) more of that economic activity to occur. B) people to engage in less of that particular activity. C) the distortions caused by taxes on that activity to be greater. D) no change in the practice of that activity until the tax wedge ultimately disappears.
Arranging the four market structures according to the number of firms in the industry, from fewest to the most, would be
a. monopoly, monopolistic competition, oligopoly, perfect competition b. monopoly, perfect competition, oligopoly, monopolistic competition c. monopoly, oligopoly, monopolistic competition, perfect competition d. oligopoly, monopoly, monopolistic competition, perfect competition e. perfect competition, monopolistic competition, oligopoly, monopoly
In the equation of exchange, GDP divided by the money supply is equal to
A) M. B) V. C) P. D) Q.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.