A cafeteria is willing to produce 100 bottles of soda when the price is $1 and 150 bottles of soda when the price is $1.30, other things being equal. The price elasticity of supply of soda is
A. 0.10.
B. 0.67.
C. 1.53.
D. 0.50.
Answer: C
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Answer the following statement(s) true (T) or false (F)
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Which of the following is TRUE of the relationship between U.S. trade deficits and federal government budget deficits?
A) Increases in the budget deficit are always associated with reductions in the trade deficit. B) Increases in the budget deficit are always associated with increases in the trade deficit. C) Increases in the budget deficit tend to be associated with increases in the trade deficit. D) Increases in the budget deficit tend to be associated with reductions in the trade deficit.
If Sam does not have a job and is NOT currently looking for work but has looked in the past, he is considered
A) unemployed. B) not in the labor force. C) unemployed and in the labor force. D) unemployed and not in the labor force.
The figure shows the market for books before and after a sales tax is introduced. The tax on books is ________ a book, buyers pay ________ of tax per book, and the government's tax revenue is ________ a week
A) $1.20; $0.80; $128 B) $0.80; $1.20; $12 C) $0.40; $0.40; $4 D) $1.20; $0.80; $12