Suppose the price change of a good causes no change in quantity demanded, we would say that the item is
A. perfectly elastic.
B. perfectly inelastic.
C. unitary elastic.
D. infinitely elastic.
Answer: B
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The Fair Labor Standards Act originally set the minimum wage at
A) $3.00 in 1960. B) $0.25 in 1938. C) $1.25 in 1938. D) $0.25 in 1983. E) $1.25 in 1983.
Which of the following is the best example of a monopolistically competitive industry?
A) land-based long distance telephone service B) wheat farming C) the local electricity producer D) manufacturing of shirts E) cable television
Monetizing the deficit contributes to the inflationary pressures that are already present in the economy.
Answer the following statement true (T) or false (F)
A country specializes in the production of goods for which it has a comparative advantage, so
A) some producers and consumers win, some lose, but overall the gains exceed the losses. B) all producers win. C) all consumers win. D) producers win, consumers lose, but overall the gains exceed the losses.