Economists distinguish among the immediate market period, the short run, and the long run by noting that:
A. Supply is most elastic in the short run, and least elastic in the immediate market period
B. Demand is most elastic in the long run, and least elastic in the immediate market period
C. Supply is most elastic in the long run, and least elastic in the immediate market period
D. Supply is most elastic in the short run, and least elastic in the long run
C. Supply is most elastic in the long run, and least elastic in the immediate market period
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A portfolio is a
A) brokerage house specializing in the trading of common stock. B) brokerage house specializing in the trading of corporate bonds. C) measure of the risk involved with a holding a particular asset. D) collection of assets.
Using the fiscal year 2014 estimates, the largest component of state and local revenue is the
A) individual income tax. B) corporate income tax. C) revenue from the federal government. D) sales, excise, and gross receipts taxes.
Gross domestic product minus the consumption of fixed capital equals
A) gross national product. B) national income. C) deprecation. D) disposable personal income.
If all six suppliers of cement to Metropolis all agree to establishes a price of $45 per ton, this would be
a. a legal contract b. price discrimination c. cost-plus pricing d. a cartel e. beneficial to consumers