Which of the following would NOT be a sign that China wants to become a high technology producer?
A) More patents are being sought and granted in China
B) Large spending on infrastructure
C) Rapid expansion of science, engineering and research
D) Less emphasis on education spending
D
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The supply of any good is likely to be inelastic when
A) consumers have few good substitutes for it. B) it is a manufactured good rather than an agricultural good. C) it can be produced at low cost. D) there are very many producers of the good. E) very little time elapses between the change in price and the change in quantity supplied.
Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 60 people employed; 20 people not in the labor force. How many people are in the economy's labor force?
A) 20 B) 40 C) 60 D) 80 E) 100