Grape juice prices increased by 20 percent in 2007. Suppose in response grape growers did not increase or decrease their grape production. The elasticity of supply is best described as

A) perfectly inelastic.
B) perfectly elastic.
C) inelastic.
D) elastic.

A

Economics

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Which of the following statements best describes the production and allocation of resources after the United States entered World War II?

a. Government spending as a percentage of GNP during this period never exceeded the maximum level at the height of the Depression under Roosevelt's New Deal policies. b. Production shifted out closer to the production possibilities frontier, primarily as a result of technical change. c. Production shifted out toward the production possibilities frontier, primarily as a result of underutilized resources being utilized. d. Greater production of goods to support the war involved nominally higher incidents of disabling injuries in the workplace, yet not increases in the rates of disabling injuries.

Economics

Which of the following could cause economic growth?

a. Growth in productivity b. Growth in the employment-population ratio c. Growth in the average number of hours worked d. Growth in the population e. All of these

Economics