In the above figure, the price elasticity of supply at any given quantity is
A) highest along S1, next highest along S2, and lowest along S3.
B) highest along S3, next highest along S2, and lowest along S1.
C) equal to zero on each of the three supply curves.
D) equal to one on each of the three supply curves.
D
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In order to measure gross domestic product, we can follow
A) three approaches: the expenditure approach, the income approach, and the production approach. B) only one approach: the circular flow approach. C) two approaches: the expenditure approach and the income approach. D) only one approach: the national accounts approach. E) three approaches: the expenditure approach, the income approach, and the market-based approach.
The neoclassical theory of investment says both real interest rates and taxes are important determinants of investment
Indicate whether the statement is true or false
The U.S. and other industrializing nations depended heavily on international trade
Indicate whether the statement is true or false
Other things held constant, when the general price level changes:
a. we move along the aggregate demand curve. b. we shift the aggregate demand curve to the right. c. we shift the aggregate demand curve to the left. d. we shift the aggregate supply curve to the right. e. we shift the aggregate demand curve to the left.