Along a straight-line downward-sloping demand curve, elasticity is
a. constant, but its value cannot be determined without measurement
b. constant and equal to an absolute value of one
c. greater at higher prices
d. greater at lower prices
e. greater in the middle
C
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As economic activity progresses through successive rounds of the multiplier, the additions to national income become larger and larger
Indicate whether the statement is true or false
When there is a surplus of a product in a market the:
a. price will rise. b. price must be above the equilibrium price. c. producers will expand output and sales will rise. d. price must be below the equilibrium price.
Division of labor increases productivity because
a. tasks can be assigned according to individual tastes and abilities b. workers who repeatedly perform the same tasks become bored c. each worker must learn each of the numerous tasks in the total production process d. specialization of labor allows for the introduction of cheaper, less sophisticated production techniques e. managers can force workers to produce goods that are valued more highly than the costs of producing them.
Discuss some of the economic symbolism thought by many to be contained in L. Frank Baum's book The Wonderful Wizard of Oz