If a firm supplies 200 units at a price of $50 and 100 units at a price of $40, using the midpoint method, what is the price elasticity of supply?
A) 0.33
B) 1.00
C) 3.00
D) 5.00
E) 8.50
C
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Which of the following is true about the United States?
A. There have been recessions approximately every ten years. B. The pattern of recessions does not occur on a regular basis. C. Periods of economic growth and recessions occur in two-year patterns. D. Recessions always last less than one year. E. Recessions in the United States are generally more severe than they are in other countries.
A good with a perfectly inelastic supply has a price elasticity of supply:
A) equal to zero. B) between zero and one. C) equal to one. D) greater than one.
Externalities tend to cause markets to be
a. inefficient. b. unequal. c. unnecessary. d. overwhelmed.
In 1980, the U.S. economy had an inflation rate of
a. about 1 percent and an unemployment rate of about 7 percent. b. less than 4 percent and an unemployment rate of less than 6 percent. c. less than 7 percent and an unemployment rate of about 9 percent. d. more than 9 percent and an unemployment rate of about 7 percent.