The purpose of the Corn Laws was to
A. discourage imports and encourage exports, and thus keep the price of food high.
B. encourage both exports and imports in order to integrate the British economy with the rest of Europe.
C. discourage both imports and exports in order to promote economic self-sufficiency in Britain.
D. encourage imports and discourage exports, and thus keep the price of food low.
Answer: A
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Leaders that give the group total freedom
a. autocratic b. laissez-faire c. democratic d. trait
Which of the following characterizes a firm that is in long-run perfectly competitive equilibrium where profits are maximized?
A. Price exceeds marginal cost. B. Price equals minimum ATC. C. Positive economic profit. D. Price equals marginal cost.
When the price of pistachio nuts is $7.50 per lb. the quantity demanded is 48 lbs. When the price of pistachio nuts is $9.00 per lb. the quantity demanded is 40 lbs. When the midpoint formula is used to measure the price elasticity of demand we can say
that the demand for pistachio nuts is A) relatively, but not perfectly, elastic. B) unit elastic. C) completely inelastic. D) relatively, but not perfectly, inelastic.
Which will not be a determinant of the price elasticity of demand for an input?
A. The price of the input B. The substitutability of other resources for the input C. The elasticity of demand for the product it produces D. The total cost of an input as a proportion of the total cost of producing units of output