Refer to the graph shown. At point D demand is:
A. elastic.
B. perfectly elastic.
C. unit elastic.
D. inelastic.
Answer: C
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Air fares are generally lower on Tuesdays and Wednesdays each week. What is a likely explanation for this occurrence?
A. Supply is relatively variable, and lower demand on these days leads to a lower equilibrium price. B. Demand is relatively variable, and lower supply leads to a lower equilibrium price. C. Lower levels of both supply and demand on these days lead to a lower equilibrium price. D. Supply is relatively fixed, and lower demand on these days leads to a lower equilibrium price. E. Demand is relatively fixed, and lower supply leads to a lower equilibrium price.
When the exchange rate falls, imports ________ and exports ________
A) increase; decrease B) increase; increase C) decrease; do not change D) decrease; decrease E) decrease; increase
The law that created the high level of tariffs in United States in the 1930s is
A) the GATT Act. B) the World Trade Act. C) the Smoot-Hawley Act. D) the Tariffs Agreement Act.
The "other" category of federal spending consists of many less expensive functions of government, including all of the following except
a. housing credit programs. b. farm support programs. c. funding for the National Institutes of Health. d. the federal court system.