(Consider This) The supply of higher education in the United States is:
A. highly price elastic.
B. highly price inelastic.
C. unitary elastic with respect to price.
D. perfectly price elastic.
Answer: B
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The price of domestic goods in terms of foreign goods is referred to as the
A) nominal exchange rate. B) real exchange rate. C) relative inflation rate. D) purchasing power parity rate.
Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00 If the oranges were grown and the jam produced in the year 2017, but the marmalade was sold at The Corner Store in the year 2018, what is the contribution of these transactions to GDP in the year 2018?
A. $2.00 B. $0.00 C. $0.50 D. $2.50
Deadweight costs in an exchange are costs
A) charged for free goods. B) imposed by government, such as taxes or safety requirements. C) that have no effect on either the quantity demanded or the quantity supplied. D) that have nothing to do with the sacrifice of valuable opportunities. E) to the buyer that are not simultaneously benefits to the seller.
Which of the following does not occur in resolving a debt crisis?
A) Debts are restructured B) Repayment periods are shortened C) Interest rates are reduced D) Some partial debt forgiveness