For an increasing cost industry, the long-run supply curve has a(n) _____ elasticity of supply
a. infinite
b. negative
c. positive
d. zero
c
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Kate takes a part-time job and the sacrifice of study time causes her grade point average to fall from 3.5 to 2.9 . Assume that the grade point average would have stayed at 3.5 if study time had not been reduced. The opportunity cost of having taken the job is the
a. cost of tuition b. 3.5 grade point average c. 0.6 decrease in the grade point average d. 2.9 grade point average e. money earned from the part-time job
Some say economic competition will continue to drive globalization, largely because any states hoping to get ahead will be pushed to accept
a. free trade. b. capitalism. c. democracy. d. collaboration.
When private firms reduce investment because of the increase in interest rates brought about by government borrowing it is termed:
A. rent seeking. B. logrolling. C. crowding out. D. monetary policy.
A tariff can best be described as
A. an excise tax on an imported good. B. a government payment to domestic producers to enable them to sell competitively in world markets. C. an excise tax on an exported good. D. a law that sets a limit upon the amount of a good that can be imported.