The largest free trade area in the world currently is
a. South America
b. Europe
c. Australia
d. Africa
e. North America
E
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If the demand curve for open-heart surgery is vertical for people with serious heart conditions, then the demand for open-heart surgery is ________ with respect to price.
A. unit elastic B. inelastic C. perfectly inelastic D. perfectly elastic
In a hyperinflation, the economy:
A. always collapses. B. can continue to function because people build expected inflation into wages and prices. C. will slow on its own to lower inflation. D. can continue to function but people are unwilling to hold any money.
Drug companies tend to attribute higher drug prices on
A. long testing processes. B. pharmacies charging too much for drugs and long testing processes. C. pharmacies charging too much for drugs. D. doctors distributing too many free samples.
Entrepreneurs are important to market economies because
A. they make up a large portion of low-skilled labor. B. they engage in risk taking and innovation. C. they represent the bulk of employment at large corporations. D. they take few risks and thereby, suffer fewer bankruptcies.