Refer to the information provided in Figure 33.2 below to answer the question(s) that follow.
Figure 33.2Refer to Figure 33.2. England has an absolute advantage in producing
A. trucks.
B. neither cars nor trucks.
C. both cars and trucks.
D. cars.
Answer: A
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Which one of the following persons would be considered unemployed?
a. A person not working who has given up searching for a job. b. A part-time worker looking for a full-time job. c. A construction worker who was laid off due to cold weather. d. A full-time college student who is not a member of the labor force.
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
At what level of output is average variable cost (AVC) at its minimum point for Straker Industries?
A. 7 B. 14 C. 0.14 D. 28 E. 4.7
If a good has a price elasticity of demand coefficient less than one, then:
A. this good has an elastic demand. B. this good has an inelastic demand. C. a 10 percent increase in the price will result in a greater than 10 percent decrease in the quantity demanded. D. the demand curve will be vertical.
A price level increase tends to reduce net exports, thereby reducing the amount of real goods and services purchased in the United States. Economists refer to this phenomenon as
A. the open-economy effect. B. the barrier effect. C. the wealth effect. D. the Gross Domestic Product (GDP) effect.