In 1768-72, the top ten commodity exports of the thirteen colonies included all of the following except
a. tobacco
b. bread and flour
c. fish
d. horses
e. All of the above were among the top ten exports.
e. All of the above were among the top ten exports.
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The use of "introductory prices" suggests
A) firms engaged in multi-period decision making. B) firms engaged in price gouging. C) firms engaged in anti-competitive behavior. D) firms engaged in single-period decision making.
When the elasticity of demand for a particular good is between zero and -1, _____
a. demand is elastic b. demand is inelastic c. demand is unit-elastic d. the good is an inferior good e. the good is a normal good
Frederic Bastiat's, "A Petition From the Candlemakers", presents a satirical view of protectionism because
A. it pictures the sun as an unfair foreign competitor. B. it argues the government should ban all imports. C. it makes consumer preferences for foreign products the source of trade problems. D. it makes domestic workers the source of all trade problems.
Short-run costs that depend on the level of output are
A) total fixed cost only. B) total variable costs only. C) total costs only. D) both total variable costs and total costs.