Which of the following is true of trade embargoes?
A. Trade embargoes refer to import bans on tangible goods, but not on services.
B. Embargoes are discriminatory restrictions or bans on economic exchange.
C. Unlike other trade restrictions, a trade embargo does not harm the imposing country.
D. A trade embargo refers to a uniform tariff being imposed on all imported products by a country.
Answer: B
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Use the following graph of total revenues to answer the question below. 
When the seller is earning maximum revenues from selling Product X, the demand is
A. inelastic. B. perfectly inelastic. C. elastic. D. unit-elastic.
In the last few decades, tariffs in developing countries have:
A. risen by more than 20 percent. B. risen to 20 percent of their GDP. C. fallen to 20 percent of their GDP. D. fallen by more than 20 percent.
The percentage of national income spent on health care
A) has steadily decreased since 1965. B) has steadily increased since 1965. C) increased until the end of the 1970s and then decreased in the 1980s and 2000s. D) decreased until the end of the 1970s and then increased in the 1980s and 2000s.
Which of the following is NOT a characteristic of monopolistic competition?
A. marginal cost pricing in the long run B. differentiated products C. the existence of advertising D. a large number of sellers in a highly competitive market