If the price elasticity of supply is 0.3, supply is:

The phrase "reversal of fortunes" refers to the fact that:

A) colonies that were existing in 1500, are now no longer colonies and are independent nations. B) areas that were relatively highly urbanized in 1500, are generally poorer today. C) colonies that were existing in 1500, have all recorded negative growth rate over the last century. D) areas that were relatively less urbanized in 1500, are generally poorer today.

A lump-sum tax, such as a $1000 tax that every family must pay one time, is

A) negatively related to real GDP. B) an autonomous tax. C) a regressive tax. D) a type of income tax.