Which of the following is a benefit of economic growth?
A) reduction in illiteracy
B) reduction in poverty
C) improved health
D) all of the above
D
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The use of psychological incentives to solve commitment problems would be least effective in games played:
A. once between family members. B. repeatedly between strangers. C. once between strangers. D. repeatedly between family members.
If the nominal interest rate is 2 percent and the inflation rate is 4 percent, then the real rate of interest is
A) -2 percent. B) 2 percent. C) 3 percent. D) 6 percent.
______________—a term referring to the extremely elastic situation of demand or supply where quantity changes by an infinite amount in response to any change in price; it is horizontal when graphed.
a. Infinite elasticity b. Zero elasticity c. Constant unitary elasticity d. Perfect inelasticity
Given a linear supply function of the form QXS = 3,000 + 3PX - 2Pr - Pw, find the inverse linear supply function assuming Pr = $1,000 and Pw = $100.
A. QXS = 900 + 3PX. B. PX = 2,900 + 3PX. C. PX = -300 + 0.3333QX. D. PX = 300 + 0.3333QX.