Seth is a competitive body builder. He says he has to have his 12-oz package of protein powder to "feed his muscles" every day. On the basis of this information, what can you conclude about his price elasticity of demand for protein powder?
A) It is elastic.
B) It is perfectly elastic.
C) It is perfectly inelastic.
D) The price elasticity coefficient is 1.
Answer: C
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Classical unemployment can be caused by which of the following?
A. Minimum wage laws B. Bargaining by unions C. Efficiency wages D. All these create classical unemployment.
A monopoly that results from economies of scale is called a(n):
A. large-scale monopolist. B. antitrust violator. C. cost-plus firm. D. natural monopoly.
Demand applies to which of the following?
A) fast food B) criminal activity C) labor market D) all of the above
The argument that trade in high-tech equipment can facilitate the implementation of advanced military technology in countries that may become strategic opponents later on is the
A) national security argument. B) infant industry argument. C) protecting domestic jobs argument. D) environmental and safety argument.