The supply of land is perfectly elastic.
Answer the following statement true (T) or false (F)
False
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The careful historian, in studying an institution like slavery and in striving for objectivity, will give special attention to all of the following except
(a) Those processes which recur over time and which continually motivated the institution (b) A theory which provides understanding of the cause-and-effect relationships involved (c) The background conditions of the period (d) All of the above statements must be given special attention
The more elastic the supply of a product, the more the actual burden of a tax on the product will:
a. fall on sellers. b. fall on buyers. c. fall equally on both buyers and sellers. d. create a smaller deadweight loss (or excess burden).
Suppose a consumer spends her income on two goods: music CDs and DVDs. The price of a CD is $8, and the price of a DVD is $20 . If we graph the budget constraint by measuring the quantity of CDs purchased on the vertical axis and the quantity of DVDs on the horizontal axis, what is the slope of the budget constraint?
a. -5.0 b. -2.5 c. -0.4 d. The slope of the budget constraint cannot be determined without knowing the income the consumer has available to spend on the two goods.
The above table shows the short-run total product schedule for the campus book store. When the book store hires the 3rd employee
A) the bookstore is still experiencing increasing marginal returns. B) the book store has already begun to experience diminishing marginal returns, but average product is still rising. C) both marginal and average product have already begun to decline. D) marginal product is at its maximum.