The demand for gasoline is more elastic in the long run than in the short run because
a. other prices are more likely to change in the long run.
b. incomes tend to rise over time.
c. people can buy new cars in the long run.
d. cars have become more expensive over time.
c
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A proprietorship or partnership can raise funds for expansion in all of the following ways except
A) borrowing from someone or an institution willing to lend the funds. B) taking on a partner or more partners. C) issuing stock through financial markets. D) reinvesting profit back into the business.
Discuss the historic increases and decreases in unionism in the United States and how it affects current labor relations today
The Hawaiian island of Lana'i is privately owned by Castle & Cooke and for generations most of its land was used to grow pineapples. Now, many of the pineapple fields have been replaced by tourist accommodations, including a pair of world-class hotels and a top rated golf course. What would an economist say about this change in land-use patterns?
A. Economic rent has allocated the island's resources to their highest valued use: tourism. B. Agriculture is still the land's highest-valued and most efficient use, but tourism earns more profits for Castle & Cooke. C. To find the land's economic rent, add the price per acre that land on Lana'i would be worth if used to grow pineapples to the value per acre when used for a golf course. D. While growing pineapples used the island's land more efficiently, tourism provides utility to the largest number of people.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.