Suppose that when price is $10, quantity supplied is 20 . When price is $6, quantity supplied is 12 . The price elasticity of supply is
a. 0.2
b. 0.5
c. 1.0
d. 1.5
e. 2.0
C
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In a closed economy, the total quantity of goods demanded equals the sum of
A) consumption spending, investment spending, and government spending. B) consumption spending, national saving, and taxes. C) consumption spending, government spending, and taxes. D) investment spending, national saving, and taxes.
The bulk of exports from non-industrial countries are
a. manufactured goods b. primary products c. agricultural goods d. natural resources e. raw sugar products
Abigail wishes to spend more time this week studying for her classes. Using the idea of a production possibilities curve, and assuming Abigail is currently spending all of her time efficiently, Abigail can spend more time studying this week only if
a. she also spends more time doing other things. b. she spends less time doing other things. c. Daylight Savings Time begins this week, so everyone moves their clocks ahead one hour. d. none of the above.
Corrina was working as a waitress in an Italian restaurant making an annual income of $25,000 per year when she decided to start up her own catering business. Corrina used $10,000 of her savings that was earning 5 percent annual interest to establish her business. After the first year she made an accounting profit of $20,000. Her economic profit was
A. -$5,000. B. $20,000. C. -$5,500. D. $25,000.