While the slope of the perfectly inelastic supply curve ________, the slope of the perfectly elastic supply curve ________
A) is zero, approaches infinity
B) approaches infinity, is zero
C) is zero, is zero
D) approaches infinity, approaches infinity
A
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Canada is classified by the International Monetary Fund as
A) an advanced economy. B) a developing economy. C) a transition economy. D) an emerging market economy. E) a natural-resource based economy.
If an external benefit is present in the consumption of a good or service, then
A) there can be no external cost. B) the marginal social benefit is greater than the marginal private benefit. C) the marginal social benefit is equal to the marginal private benefit. D) the marginal private benefit is equal to the marginal social benefit plus the marginal external benefit. E) the marginal external benefit is equal to the marginal private benefit minus the marginal social benefit.
Payment to the owners of natural resources used in the production process is in the form of
a. interest. b. rent. c. wages. d. profits.
A microeconomist might study which of the following?
a. the collapse of US financial markets in 2007-2009 b. the causes of the Great Depression c. the movements of prices for unleaded gasoline d. the role of expectations in the determination of the level of real GDP e. the trade-off between inflation and unemployment