Imports are
A. people who work in foreign countries.
B. an example of an economic model.
C. whatever is given up to obtain some item.
D. goods produced abroad and sold domestically.
Ans: D. goods produced abroad and sold domestically.
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Which of the following is an example of a renewable resource?
a. gold b. forests c. minerals d. coal e. land
If the price elasticity of supply equals zero, this implies that
a. suppliers can easily change quantity supplied when price changes b. the supply curve is long run c. the supply curve is perfectly vertical d. the percentage change in the price of the good supplied is zero e. the percentage change in quantity supplied equals the percentage change in price
Taxi medallions were issued in New York City to:
A. increase the wages of taxi drivers. B. help new immigrants find jobs. C. raise revenue for the city. D. help commuters afford transportation.
If there is an increase in the percentage of employees whose wages adjust automatically with changes in the price level, the aggregate supply curve will become
A. vertical. B. steeper. C. flatter. D. horizontal.