For a particular good, a 5 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
a. There are many substitutes for this good.
b. The good is a necessity.
c. The market for the good is broadly defined.
d. The relevant time horizon is short.
a
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After the imposition of the quota, the quantity demanded of TVs is ________ thousand. 
A. 20 B. 80 C. 100 D. 40
Refer to Table 2-5. Does either Estonia or Finland have an absolute advantage and if so, in what product?
A) Estonia has an absolute advantage in lumber. B) Finland has an absolute advantage in both products. C) Finland has an absolute advantage in lumber. D) Estonia has an absolute advantage in cell phones.
On the graph above, which pair of points best represents the impacts in the U. S. of the financial crisis and policy response from 2007 through 2008?
A) H to I B) K to G C) I to H D) K to F E) G to J
Related to the Economics in Practice on page 283. The 'basic economy' fare discussed in the Economics in Practice is an example of
A. illegal pricing. B. price discrimination. C. unfair pricing. D. monopoly pricing.