A good with a vertical demand curve has a price elasticity of demand that ________
A) is equal to 1
B) is equal to infinite
C) is equal to zero
D) varies between 0 and 1
C
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The fact that developed countries have strong, widely attended university systems indicates that
(a) university expansion should be a development priority. (b) universities teach skills used on the job. (c) developing countries place too much stress on agriculture. (d) none of the above.
Which of the following is unlikely to occur as a result of a price support program?
A) A reduction in consumer surplus B) A reduction in producer surplus C) An increase in quantity purchased D) An economic cost to government E) Improved economic efficiency
Refer to the accompanying figure. Assume the market is originally at point W. Movement to point X is the result of: 
A. an increase in demand and an increase in quantity supplied. B. a decrease in supply and an increase in quantity demanded. C. an increase in supply and an increase in demand. D. an increase in supply and an increase in quantity demanded.
Joe earns $50,000 per year, Brian earns $100,000 per year, and Pammy earns $200,000 per year. Based on the table demonstrating three tax systems, who is likely to be the most concerned about which tax system is used as it applies to take home pay?
a. Joe and Brian
b. Joe
c. Brian
d. Pammy