______________ is another term for perfect elasticity.
a. Zero elasticity
b. Infinite elasticity
c. Constant unitary elasticity
d. Zero inelasticity
b. Infinite elasticity
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The Fed can raise the discount rate when it wants to:
a. decrease the money supply. b. increase the money supply. c. decrease the budget deficit. d. increase the budget deficit.
Let L represent the quantity of labor, and let Q represent the quantity of output. Suppose a certain production function includes the points (L = 7, Q = 27), (L = 8, Q = 35), and (L = 9, Q = 45). Based on these three points, this production function exhibits diminishing marginal product
a. True b. False Indicate whether the statement is true or false
Which of the following is considered to be a fixed cost of operating an automobile?
a. Gasoline b. Tires c. Registration fees d. Maintenance e. Oil change
Which of the following results from patients having better information about their health status than insurers?
a. The principle-agent problem b. Rational ignorance c. Adverse selection d. Externalities e. The substitution effect