Which of the Following Statements Is True

question 180

Multiple Choice

Which of the following statements is true?

• A)The supply curve for land is upward sloping in the short run, but is perfectly inelastic in the long run.
• B)The supply curve for land is upward sloping in the short run, but is perfectly elastic in the long run.
• C)The supply curve for land is upward sloping when considering a small portion of the total amount of land, but is perfectly inelastic when considering the total amount.
• D)The supply curve for land is upward sloping when considering the total amount of land, but is perfectly inelastic when considering a small portion of the total amount.

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Definitions:

Economic Stability

A state where an economy experiences steady growth, low inflation, and low unemployment rates over time.

Catching-up Growth

Economic strategy aimed at enabling developing countries to achieve rapid economic growth and reach the standards of more developed countries.

Brazil, Russia, India, China

Collectively known as BRIC, these countries were identified as fast-growing developing economies with significant influence on regional and global affairs.

Long-reaching Effects

Impacts or consequences of an event, decision, or policy that extend over a long period of time or into future generations.