If the measured elasticity of supply coefficient equals 1.3, then supply is:
a. perfectly elastic.
b. elastic
c. unit elastic.
d. inelastic.
b
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All else equal, when oil prices decrease, some economical sources of oil tend to become less economical, and this will ________ proven reserves of oil and ________ the number of years it will take to deplete the stock of oil
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Total fixed cost is the cost of
A) labor. B) production. C) a firm's fixed factors of production. D) only implicit factors of production. E) only explicit factors of production.
There is a specific relationship between the price of a bond and its yield. Which of the following describes that relationship?
a. If the price falls, the yield stays the same, but if the price rises, the yield rises. b. As the price falls, the yield falls. c. If the price rises, the yield stays the same, but if the price falls, the yield falls. d. As the price rises, the yield rises. e. As the price rises, the yield falls.
Household spending on education is counted in which component or subcomponent of GDP?
a. consumption of durable goods b. consumption of nondurable goods c. consumption of services d. investment