In Figure 3.1, which figure shows a situation that is perfectly inelastic? 
A. Figure 1
B. Figure 2
C. Figure 3
D. Figure 4
Answer: B
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Which of the following would not be an appropriate response to an unfavorable balance of trade for the United States?
a. increase tariffs b. appreciate the dollar c. subsidize exports d. impose import quotas e. impose exchange controls
Which of the following is most likely to be a major source of growth in per capita GDP?
a. a high investment/GDP ratio b. a high rate of inflation c. rapid population growth d. rapid growth in the money supply
If baked potatoes and sour cream are complements, then an increase in the price of sour cream decreases the demand for baked potatoes
a. True b. False Indicate whether the statement is true or false
Considering perfect competition, monopolistic competition, and monopoly, which of the market structures features entry in the long run?