Economists who study the role of government in the market
A. agree mostly on the role that the government should play.
B. study for market problems that the government might help solve.
C. find that supply and demand graphs never work for the government.
D. none of these answer options are correct.
B. study for market problems that the government might help solve.
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You are the sales manager for a software company and have been informed that the absolute value of the price elasticity of demand for your most popular software is less than 1. To increase total revenues from that product, you should
A. hold the price of the software constant. B. increase the supply of the software. C. increase the price of the software. D. decrease the price of the software.
Affirmative action programs serve three purposes. Which of the following is not one of those purposes?
A) Address current issues of discrimination. B) Enhance diversity in places where it is of particular value. C) Redress past wrongs. D) Guarantee employment regardless of qualifications.
Which of the following labor resources will likely have the most elastic supply schedule in the short run?
a. nuclear physicists b. surgeons c. retail cashiers d. graduate-level math professors
A production possibilities frontier can shift outward if
a. government increases the amount of money in the economy. b. there is a technological improvement. c. resources are shifted from the production of one good to the production of the other good. d. the economy abandons inefficient production methods in favor of efficient production methods.