A ______ percent increase in the price of a good results in a ______ percent increase in the quantity supplied. In this case, the price elasticity of supply is +2.
a. 12; 24
b. 12; 36
c. 10; 22
d. 10; 12
a. 12; 24
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In the New England colonies,
(a) long winters, short summers, heavily forested areas, and rocky terrain contributed to a lack of productive farmland; agriculture was a difficult, marginal activity. (b) the great majority of New Englanders engaged in some type of subsistence agricultural activity. (c) most New England farmers subsidized their farm income with some other type of income from another occupation to support themselves, save and invest. (d) all of the above are true.
An increase in demand for French fries will cause equilibrium wage rates:
a. and quantities of potato workers hired to rise. b. and quantities of potato workers hired to fall. c. to rise and quantities of potato workers hired to fall. d. to fall and quantities of potato workers hired to rise. e. and quantities of potato workers hired to stay the same.
The size of the spending multiplier depends on the marginal propensity to consume (MPC)
a. True b. False Indicate whether the statement is true or false
As firms gain market share, industries become more competitive
Indicate whether the statement is true or false