If the price elasticity of supply is 3, supply is:
A. unaffected by price changes.
B. inelastic.
C. unit elastic.
D. elastic.
Answer: D
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $1
A) not enough consumers want to buy iced tea. B) the quantity supplied is economically efficient but the quantity demanded is economically inefficient. C) economic surplus is maximized. D) the quantity supplied is less than the economically efficient quantity.
What method of inventory valuation should be used for economic decision-making problems?
a. book value b. original cost c. current replacement cost d. cost or market, whichever is lower e. historical cost
Which of the following is NOT a reason why we see little international policy coordination?
A. The benefits of international policy coordination are likely to be small in most situations. B. Governments often have difficulty in delivering on their commitments as part of any international policy coordination. C. The interventions by the different governments according to the policy coordination are usually effective only in the very long run. D. The policy goals of different countries are often incompatible.
The health care system in ________ is referred to as a single-payer health care system, and is a system in which the government provides national health insurance to all residents
A) Canada B) Japan C) the United Kingdom D) the United States