If price elasticity of supply is less than 1
A. demand is inelastic.
B. supply is elastic.
C. supply is inelastic.
D. demand is elastic.
Answer: C
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Indicate whether the statement is true or false
Andrew is offered a job in Little Rock, where the CPI is 80, and a job in New York, where the CPI is 125. Andrew's job offer in Little Rock is for $42,000. How much does the New York job have to pay in order for the two salaries to represent about the same purchasing power
What will be an ideal response?
Someone unemployed for a long period of time due to technological change would be described as structurally unemployed.
Answer the following statement true (T) or false (F)
Suppose the domestic price (no-international-trade price) of wheat is $3.50 a bushel in the United States while the world price is $4.00 a bushel. Assuming no transportation costs, the United States will:
A. have a domestic shortage of wheat. B. export wheat. C. import wheat. D. neither export nor import wheat.