The supply of a good is more price elastic,
a. the fewer alternatives there are to producing the good in question
b. the more broadly the market for the good is defined
c. the longer the time horizon over which it is measured
d. the higher the cost of production
e. the more elastic the demand for that good.
C
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Which of the following is not a reason why the prospects for the further expansion of developing country commodity exports are likely to be limited?
(a) Low income elasticities for these products. (b) Low likelihood of development of further synthetic substitutes. (c) Continued agricultural protection despite trade agreements. (d) Declining terms of trade.
Economists would largely motivate employees by appealing to their
A) compensation. B) need for time off. C) intrinsic motivation. D) none of these choices.