The more inelastic the supply of a particular resource:
a. the higher are its transfer earnings.
b. the higher is its economic rent.
c. the higher are its total earnings.
d. the higher is the elasticity of demand for the resource.
e. the lower is the elasticity of demand for the resource.
b
You might also like to view...
The theory that real shocks to the economy are the primary cause of business cycles is
A) monetarism. B) Keynesian theory. C) real business cycle theory. D) Hamiltonian theory.
Being unemployed in economic terms means that you are:
a. out of work and actively looking for a job. b. out of paid work and not actively looking for a job. c. out of work and not actively looking for a job. d. out of paid work and unable to work.
A decrease in the reserve requirement will cause a decrease in the money multiplier.
a. true b. false
The 1996 Welfare reform laws had the impact of
A. increasing work by welfare recipients. B. eliminating poverty. C. halving the number of people in poverty. D. doubling the poverty rate.