A perfectly elastic supply curve is
A) an upward sloping straight line that intersects the origin.
B) horizontal.
C) vertical.
D) downward sloping.
Answer: B
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What are the three functions that banks perform as financial intermediaries?
What will be an ideal response?
Total output per worker is also called:
A. total product. B. average product. C. variable product. D. marginal product.
When Ft McClellan closed down, the decline of production at the Fort fell by 500M. The economic impact on the area was even larger. Why was it larger?
a. people lost jobs at the fort, resulting in a loss of wages of 400M (Assume the MPC was 4/5) b. the military produced fewer high-tech goods in Calhoun County c. businesses located near to the Fort suffered losses in sales d. the positive impact on the environment of closing the Fort brought in many more tourism dollar than the loss of military jobs
In economics, interest refers to all of the following EXCEPT
A) the payment for current rather than future command over resources. B) the cost of obtaining credit. C) the return paid to owners of financial institutions. D) the return paid to the owners of capital.