The formula for the elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price.
Answer the following statement true (T) or false (F)
True
This is true; the formula for the elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price.
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A U.S. tariff on textiles would ________ U.S. clothing prices and ________ jobs in the U.S. textile industry
A) reduce; decrease B) reduce; increase C) raise; decrease D) raise; increase
Recessions typically cause the unemployment rate to ________ and the inflation rate to ________
A) fall; fall B) fall; rise C) rise; fall D) rise; rise
_____ occurs when unobservable qualities are valued incorrectly because of a lack of information
a. Moral hazard b. Adverse selection c. Conspicuous consumption d. Marginal selection e. Statistical discrimination
If Japan is twice as good at producing cameras and three times as good at producing TV sets as the United States, Japan is said to have a comparative advantage in TV sets and the United States has a comparative advantage in cameras.
Answer the following statement true (T) or false (F)