A. Supply is price elastic
B. Supply is income elastic
C. Price elasticity of demand is -2
D. Price elasticity of supply is -2
A. The short-run Phillips curve will shift in the direction of the short-run Phillips curve associated with an expectation of 3 percent inflation
B. The short-run Phillips curve will shift in the direction of the short-run Phillips curve associated with an expectation of 9 per cent inflation
C. The short-run Phillips curve will shift in the direction of the short-run Phillips curve associated with an expectation of 6 percent inflation
D. The long-run Phillips curve will shift to the left
A. Protestants disapproved of accumulating wealth
B. Protestants failed to restrict extravagance and conspicuous consumption
C. Roman Catholicism expressed its asceticism in a secular vocation
D. capitalism was most advanced in Protestant countries
A. the minimum of their average-total-cost curves
B. all of these answers are correct
C. their efficient scale
D. zero economic profit
E. intersection of marginal cost and marginal revenue
A. imperfect competition
B. taxation
C. externalities
D. missing markets
E. all of the above
A. Supply would tend to be price elastic
B. none of these answers
C. demand would tend to be price inelastic
D. demand would tend to be price elastic
I- is also known as patrimonialism
II- is the dominant pattern in many LDCs
III- is a personalized relationship between patrons and clients
IV- commands equals wealth, status or influence, based on unconditional loyalties and involving mutual benefits
A. I and II only
B. II and III only
C. I, II and III only
D. IV only