If this is a closed economy, how much will a bushel of corn cost? 
A. $5
B. $1
C. $7
D. $3
Answer: D
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If a decrease in price decreases a monopolist's total revenue, then
A) demand is elastic. B) demand is inelastic. C) demand is unit elastic. D) the law of demand is violated.
Average tariff rates are highest for
A) high-income countries. B) middle-income countries. C) low-income countries. D) industrialized countries.
Exhibit 21-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 21-4, if each country produced according to its comparative advantage, Brazil would produce:
A. tea and China would produce coffee. B. coffee and China would produce tea. C. both coffee and tea. D. neither coffee nor tea.
Which of the following is a driving force underlying economic growth?
What will be an ideal response?