If the supply of a good is relatively inelastic, this means that the quantity supplied of the good is
a. not very sensitive to the price of the good.
b. highly sensitive to the price of the good.
c. unrelated to the price of the good.
d. none of the above.
A
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Between 1980 and 2014, income inequality in the United States has increased in part due to rapid technological change. How does technological change contribute to income inequality?
A) Advancements in technology displace skilled and unskilled workers in certain fields, leading to higher unemployment rates. B) The opportunity cost of investing in technology is investments in human capital. The resulting decrease in labor's marginal productivity has led to lower wages. C) Technology complements the skills of the well-educated while rendering redundant the labor services of unskilled and low-skilled workers. This causes a decline in the wages of low and unskilled workers relative to other workers. D) Technological change favors the owners of capital and since high-income individuals tend to own capital, income inequality is further exacerbated.
The per capita incomes of countries in the quartile with the most economic freedom during 1980-2010 were
a. slightly lower than those of the quartile of countries with the least economic freedom. b. about the same as the quartile of countries with the least economic freedom. c. about twice those of the countries with the least economic freedom. d. about eight times those of the quartile of countries with the least economic freedom.
Prices provide signals about resource allocation to all individuals in a ________ system
A) market B) command and control C) central planning D) political
Which of the following best describes the effect of the zero interest rate policy implemented in December 2008?
A. Its effectiveness was limited by the zero lower bound problem. B. It created a surge in inflation. C. It forced nominal interest rates to below zero. D. It had the desired effect, promoting full recovery by 2010.