Supply is said to be inelastic when the:
A. percentage change in quantity supplied is greater than the percentage change in price.
B. change in quantity supplied is greater than the change in price.
C. percentage change in quantity supplied is less than the percentage change in price.
D. change in quantity supplied is less than the change in price.
Answer: C
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Which of the following would count as an investment expenditure in national income accounting?
a. General Motors hires 10 electrical engineers. b. Boeing purchases a new metal stretching machine used to produce airplane wings. c. Ms. Quantum buys 100 shares of Microsoft stock. d. A large corporation spends $10,000 per month on long-distance phone charges.
A monopolist faces a demand curve given by P = 60 -2Q and has total costs given by TC = Q2. Its marginal revenue is MR = 60 - 4Q and its marginal cost is MC = 2Q. What price does the monopolist charge with no trade?
a. $5 b. $10 c. $15 d. $20
When a supervisor believes that all employees like work it is called
a. theory y b. theory x c. hawthorne effect d. tqm
Given two economic systems, A and B, if economy A has an absolute advantage in the production of widgets, then
A. fewer inputs are necessary to produce widgets in economy A than in economy B. B. economy A is less efficient in the production of widgets than economy B. C. economy A would not benefit from the specialization of production. D. economy A must give up less of all other goods to produce widgets than economy B.