The invisible hand theorem relates mostly to:
A. normative economics.
B. supra-economics.
C. macroeconomics.
D. microeconomics.
Answer: D
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Most labor economists believe that the supply of labor is much more elastic than the demand
a. True b. False Indicate whether the statement is true or false
If the price rises and the total amount consumers spend on the good falls to zero, then demand must be
A. perfectly elastic. B. elastic. C. perfectly inelastic. D. inelastic.
Refer to the information provided in Figure 12.5 below to answer the question(s) that follow. 
Figure 12.5
Refer to Figure 12.5. A firm produces hula hoops in a perfectly competitive market and currently produces and sells 100 per week. At this production quantity of 100 per week, society would be best served
A. if the price was higher than $10 per hula hoop. B. if the price was lower than $10 per hula hoop. C. if the price remained at $10 per hula hoop. D. Society cannot be best served at a production quantity of 100, regardless of the price per hula hoop.
Tariffs to limit imports to "protect U.S. jobs" will also
A. reduce domestic production of import-threatened products. B. decrease import prices. C. stimulate exports. D. limit exports.