If a tax on 5 cents a tomato lowers the price received by tomato sellers by 5 cents a tomato , then the supply of tomatoes is perfectly ___ and the seller pays ____
A) inelastic; all
B) elastic; all
C) inelastic; some of
D) inelastic; none of
E) elastic; none of
Answer: inelastic .. all
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If two variables have the same rate of growth over the long run, their ratio will:
A) remain constant over the long run. B) initially decrease and then increase. C) decrease over the long run. D) increase over the long run.
The expansion of human capital and the discovery of new technologies ________ because ________
A) decrease real GDP; they shift the productivity curve downward B) increase real GDP; they result in a movement upward along the productivity curve C) increase real GDP; they shift the productivity curve downward D) increase real GDP; they shift the productivity curve upward E) decrease real GDP; they shift the productivity curve upward