When the price of a CD is $13 per CD, 39,000,000 CDs per year are supplied. When the price is $15 per CD, 41,000,000 CDs per year are supplied. What is the elasticity of supply for CDs?
A) 2.86
B) 0.35
C) 0.14
D) 0.05
B
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"Extractive industries" include the production of all of the following products except:
a. fur. b. lumber. c. naval stores. d. bread.
The foundational principle that makes insurance companies work is called:
A. risk pooling. B. risk assignment. C. catastrophic causation. D. risk analysis.
Most waste generated in the U.S. ends up in landfills because
a. the low opportunity cost of time discourages recycling b. Americans earn low incomes c. the price of land is relatively low d. the low wages in the repair industry encourages repairs e. of low productivity and high wages in the waste disposal industry
Which of the following is included as government purchases in gross domestic product (GDP)?
a. Social Security payments to elderly citizens b. Welfare benefits distributed to the poor c. Outright grants from government to recipients d. Payments to clerical workers hired by government e. Unemployment compensation benefits