As consumers have a longer time period to respond, the demand for a product typically becomes more inelastic
a. True
b. False
B
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Profit is the return to entrepreneurship
a. True b. False Indicate whether the statement is true or false
The GDP deflator reflects the prices of all goods and services produced around the world, whereas the consumer price index reflects the prices of all goods and services bought by consumers
a. True b. False Indicate whether the statement is true or false
Why is voluntary exchange an important source of economic prosperity?
A) All of the above are correct. B) It makes it possible to produce a larger output as a result of gains from division of labor and specialization. C) It makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production. D) It moves goods from people who value them less to people who value them more.
If the price elasticity of supply is equal to zero and the price was to rise, the quantity supplied would:
A. decrease slightly. B. fall to zero. C. not change. D. increase.