The more elastic is the demand for the good, the
a. more elastic will be the demand for the resources used to produce the good
b. less elastic will be the demand for the resources used to produce the good
c. less effect any given wage rate increase will have on employment
d. higher the wage rate increase the union can achieve without causing unemployment
e. more elastic will be the supply of resources used to produce this product
A
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Figure 6-1
illustrates the four possibilities of the distribution of costs and benefits among voters for a government project. Programs that give subsidies to a small group of producers at general taxpayer expense would be considered
a.
type A projects, and the government would be likely to undertake these projects if they were efficient and to reject them if they were inefficient.
b.
type B projects, and the government would be likely to undertake many of these projects even when they were counterproductive (inefficient).
c.
type C projects, and the government would be likely to fail to undertake many of these projects even when they were productive (efficient).
d.
type D projects, and the government would be likely to undertake these projects if they were efficient and to reject them if they were inefficient.
A nominal value is measured:
A. by indexing. B. using the consumer price index. C. in terms of current dollar value. D. in physical terms.