The NASDAQ collapse of the year 2000 finally bottomed out in October 2002 after
A. its merger with the New York Stock Exchange.
B. moving its headquarters to London.
C. losing 23% of its value in 31 months.
D. losing 78% of its value in 31 months.
Answer: D
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If an import quota is imposed on imports of shrimp into the United States, U.S. producer surplus from shrimp will ________ and U.S. total surplus from shrimp will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) increase; not change
According to a study of the U.S. demand for alcoholic beverages, the price elasticity of demand for beer is -0.30. Which of the following could explain why the price elasticity of demand for beer is low?
A) More and more people are switching to wine and cocktails rather than beer. B) Beer is an inferior alcoholic beverage. C) There are only a few major suppliers of beer. D) The price of beer is relatively low and for many people it is a habit forming product.
The saying that "You cannot have your cake and eat it too" illustrates the economic concept of
A) a positive statement. B) a normative statement. C) physical capital. D) opportunity cost.
Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. 
If the capital stock is fixed at one unit, diminishing returns begin with the
A. first unit of labor. B. second unit of labor. C. third unit of labor. D. fourth unit of labor. E. fifth unit of labor.