Which of the following are considered factors of production used to produce goods and services? I. Land II. Labor III. Capital IV. Entrepreneurship

Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price elasticity of supply and characterize the product

A) 2; The product is elastic. B) 0.5; The product is inelastic. C) 0.2; The product is inelastic. D) 50%; The product is inelastic.

Which of the following statements accurately expresses the assumptions on which new Keynesian and new classical theory are based? a. New Keynesian economics assumes that the economy can reach equilibrium below thenatural rate of unemployment, whereas new classical economics assumes thatmacroeconomic equilibrium is always at the natural rate of unemployment

b. New Keynesian economics maintains that government intervention is unnecessary,whereas classical economics supports an active government role. c. New Keynesian economics assumes that the long-run Phillips curve is vertical,whereas new classical economics views the long-run Phillips curve as horizontal. d. New Keynesian economics assumes that all prices are flexible, whereas new classical economics applies a fixed-price model. e. New Keynesian economics emphasizes short-run reductions in inflation rates, whereas new classical economics focuses on short-run reductions in the unemployment rate.