A key determinant of the price elasticity of supply is the time period under consideration. Which of the following statements best explains this fact?
a. Supply curves are steeper over long periods of time than over short periods of time.
b. Buyers of goods tend to be more responsive to price changes over long periods of time than over short periods of time.
c. The number of firms in a market tends to be more variable over long periods of time than over short periods of time.
d. Firms prefer to change their prices in the short run rather than in the long run.
c
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Assume that a firm has $100 million in real assets and $90 in real liabilities. If the price level rise by ten percent, the real value of its assets would ________
A) fall B) rise C) change, but more information must be provided to determine their exact movement D) remain unchanged
In calculating the current yield for a bond the:
A. coupon payment is ignored. B. present value of the capital gain/loss is ignored. C. present value of the coupon payments is the only important consideration. D. present value of the final payment is the only important consideration.
Long-term growth is measured by
A. looking at real GDP over at least 5 or 10 years. B. looking at per capita GDP over at least one year. C. looking at GDP compared to real GDP. D. looking at real GDP over at least one year.
?Strawberries (pounds) 
Consider the above table. Assuming the government imposes a price floor on strawberries of $8 per pound, what would be the likely result?
A. No change, equilibrium would prevail. B. a shortage of 2,000 pounds of strawberries C. The quantity demanded of strawberries would fall to zero. D. a surplus of 2,000 pounds of strawberries