1. If a larger share of oil was used to make plastic. the supply of plastic would be { [ [\"more'. "less"] } elastic. The elasticity of supply of nurses over a period of several years is{ ['more". "less'l } elastic than the supply of nurses over the next month. It's an important tradition in the Santos family that they eat the same meal at their favorite restaurant every Sunday. By contrast. the Chen family spends exactly $50 for their Sunday meal at whatever restaurant sounds best. For a reasonable price range. the Santos family's demand for the Sunday meal is{ ["elastic". \"inelastic". "unit elastic . perfectly elastic". "perfectly inelastic."] }. The Chen family's demand for their Sunday meal is {["eiastic". \"inelastic". 'unit elastic\". \"perfectly elastic\". \"perfectly inelastic"] }. On average. old cars pollute more than newer cars. Therefore. every few years. a politician proposes a \"cash for clunkers" program: The government offers to buy up and destroy old. high-polluting cars. Assuming that the original demand without "cash for clunkers" is unchanged and the supply curve of clunkers is upward-sloping. if a \"cash for clunkers\" program buys 1.000 old. high-poltuting cars. the number of old. high-polluting cars on the road will: a. decrease by more than 1.000. b. decrease by 1.000. c. decrease by less than 1.000. d. Increase. Some policymakers and environmental scientists would like to see the United States cut back on its use of oil in the long run. If the longrun elasticity of demand for oil in the United States is 0.5. estimate how much would the price of oil have to permanently rise in order to cut oil consumption by 50 percent? a. _% Henry Ford famously mass-produced cars at the beginning of the twentieth century. starting Ford Motor Company. He made millions because mass production made cars cheap to make. and he passed some of the savings to the consumer in the form of a low price. Cars became a common sight in the United States thereafter. Given these facts. the demand for cars must have been { ['elastic". \"inelastic". "unit elastic"] }. In Chapter 10. you'll see that we (the authors of the textbook) recently purchased permits to pollute the air with sulfur dioxide (802). We didn't use the permits: Instead. we threw them out. in other words. we bought permits for the same reason the government buys guns in gun buyback programs - to prevent what we bought from being used. As we discussed in the chapter. gun buyback programs have failed. Our plan to buy permits is more likely to get 802 out of the air than the government's plan to get guns off the street because the government determines the number of permits issued. which means that: a. the demand for permits is perfectly elastic. b. the demand for permits is perfectly inelastic. c. the supply of permits is perfectly elastic. d. the supply of permits is perfectly inelastic. Immigration is a fact of life in the United States. This will lead to a big boost in the labor supply. When the labor supply increases. a fall in wage will be large it the demand for labor is: a. elastic. b. inelastic. c. unit eiastic. We saw that a gun buyback program was unlikely to work in Los Angeles. lfthe entire United States ran a gun buyback program. that would likely be { [\"better'. "worse'l } at eliminating guns. If the gun buyback was also accompanied by a law making (at least some} guns illegal. it would likely be { [\"more". "less\"] } effective at getting guns off the street