If a 15% change in price results in a 20% change in quantity supplied, then the price elasticity of supply is about
a. 1.33, and supply is elastic.
b. 1.33, and supply is inelastic.
c. 0.75, and supply is elastic.
d. 0.75, and supply is inelastic.
a
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The services produced by spouses who cook, clean, and otherwise maintain homes are not counted in the gross domestic product because
A) services are not tangible goods. B) there is no accepted and reliable way to measure their value. C) they do not add to the wealth of the nation. D) this would entail double-counting, since such spouses usually receive free room and board. E) while they are useful services, they do not represent productive labor.
The new laws associated with health care reform dictate that 60-year-old patients cannot be charged more than ____ times as 25-year-old patients
a. three b. five c. seven d. ten