If a small percentage change in the price brings a very large percentage change in the quantity supplied, then the supply is almost perfectly ________ and the supply curve is almost ________
A) elastic; vertical
B) elastic; horizontal
C) inelastic; horizontal
D) inelastic; vertical
E) elastic; 45 degrees
B
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The two types of trade, intertemporal and pure asset swap ________ perfect substitutes, because ________
A) are; they both offer considerable payoff and are equal in the long run B) are; they both involve the smoothing out of now and future consumption C) are not; asset swapping is immediate and involves only assets, while intertemporal trade takes two time periods and involves both assets and goods/services D) could possibly be; different economic states occur at different points in time E) are not; asset swapping never relates to intertemporal trade
Which of the following acts as a hostage for employees to behave well?
A) on-site childcare where employees take their children while working B) performance bonuses C) training D) bonding
The idea of horizontal equity in taxation implies that
a. equally situated individuals should be taxed equally. b. unequally situated individuals should be taxed unequally. c. benefits should be given first to those individuals who need them most. d. the greatest tax burden should be borne by the wealthiest individuals.
Refer to Figure 3.1. If one of the graphs represents the total benefit of an activity, which other graph best represents the marginal benefit of the activity?
B. B
C. C
D. D