David has just ordered a smartphone only to be told that he will have to wait one month for it to be delivered. Which of the following statements is TRUE?
A. The smartphone is human capital.
B. The smartphone is an economic good.
C. The smartphone is an intangible good.
D. The smartphone is not a scarce good.
Answer: B
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Lincoln Electric paid employees on the basis of
A) deferred compensation. B) backloaded wages. C) a piece rate. D) forward loaded wages.
If the wage rate increases,
a. MPP will increase b. MLC will increase c. MRP will increase d. MPP will decrease e. TR will increase
Which of the following most completely describes the concept of price elasticity of demand?
a. A measure of the responsiveness of quantity demanded to a change in consumer income b. A measure of the responsiveness of quantity demanded to a change in the price of a substitute c. The percentage change in quantity demanded divided by the percentage change in price d. The percentage change in quantity demanded divided by the percentage change in the price of a substitute
Refer to the short-run information provided in Figure 8.5 below to answer the question(s) that follow. 
Figure 8.5 Refer to Figure 8.5. If six drones are produced, average variable costs are
A. $2.50. B. $5. C. $10. D. $13.33.