A supply curve that is parallel to the quantity axis is
A. perfectly inelastic.
B. relatively inelastic.
C. perfectly elastic.
D. unitary elastic.
Answer: C
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According to many economists, as nations become wealthier, what happens to family sizes?
A) They increase. B) They decline. C) There is no effect. D) They increase, but later in life.
When the dollar price of a British pound is $0.80, it is correct to state that an American traveling in England will receive ________ pounds per dollar
A) 1.25 B) 8 C) 80 D) 125
In developing countries, the labor force typically grows _____
a. as rapidly as in industrial countries b. less rapidly than in industrial countries c. more rapidly than in industrial countries d. at a diminishing rate e. at a constant rate
A perfect monopoly:
A. restricts output to maximize profits. B. has no competition at all. C. has complete market control. D. All of these statements are true.