A. exogenous
B. constant
C. endogenous
D. independent
A. cause a reduction is output
B. have no effect on output
C. increase the marginal product of the factor
D. generate ever smaller amounts of output
A. absolutely inelastic
B. Unitarily elastic
C. Elastic
D. inelastic
A. a maximum price usually set by government that sellers may charge for a good
B. the different between the initial equilibrium price and the equilibrium price after a decrease in supply
C. a minimum price usually set by government that sellers must charge for a good
D. a minimum price that consumers are willing to pay for a good.
A. upward slog
B. downward slog
C. vertical
D. any of the above
I- Holland
II- Soviet Union
III- China
IV- India
A. I and II only
B. II and III only
C. III and IV only
D. I and IV only
A. decrease the level of national security
B. provide benefits to some particular industry
C. provide benefits to the entire nation
D. not yield welfare losses for the nation