Which of the following is a merit good?
A. Food.
B. Cigarettes.
C. Local telephone service.
D. A computer operating system.
Answer: A
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At the midpoint of a linear, downward-sloping demand curve, the price elasticity of demand is
A) greater than one. B) equal to one. C) less than one but greater than zero. D) zero. E) infinite.
Over a particular price range, if the quantity effect of a price decrease is larger than the price effect, it implies that:
A) demand is inelastic in the price range. B) demand is elastic in the price range. C) the demand curve is vertical in the price range. D) the demand curve is upward sloping in the price range.
Of the following countries, which had the highest level of GDP per capita in 2014?
A) the United States B) Italy C) France D) Japan
Under U.S. law, foreign ________ is (are) illegal in U.S. markets
A) dumping and export subsidies B) dumping only C) export subsidies only D) None of the above are illegal