Do any of the fundamental factors depend on the rate of inflation?
A. Yes, but only in the long run.
B. Yes, both in the short and long run.
C. No, not even in the short run.
D. No, at least not in the long run.
Ans: D. No, at least not in the long run.
Economics
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The above figure shows the demand curves in four different markets. If each of the markets has an identical upward sloping supply curve and the same tax is levied on suppliers, which market would produce the largest amount of deadweight loss?
A) A B) B C) C D) D E) C and D
Economics
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.
Economics