Use the following figure to answer the next question. 
Total fixed cost at output level Q2 is measured by the vertical distance
A. 0C.
B. DE.
C. AD.
D. CD.
Answer: D
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Demand will be more elastic when
a. the time the consumer has to adjust to price changes is short. b. the price of the good is low. c. the number of good substitutes is large. d. the consumption of the good is essential.
Which of the following statements best describes income distribution in the United States?
(A) Most people earn the same income. (B) The richest 20 percent of the population has about 20 percent of the national income. (C) The richest 20 percent of the population has a much greater share of income than the poorest 20 percent. (D) The richest 20 percent of the population has slightly more income than the poorest 20 percent.
Elasticity of supply will increase when:
A. it becomes easier to substitute one factor of production for another in a manufacturing process. B. producers are given less time to respond to price changes. C. the number of consumers wanting to purchase a product increases. D. the number of producers selling a product decreases.
Which country below has a higher GDP per capita than does the United States?
A. China B. Norway C. All three of these countries have a higher GDP per capita than does the United States. D. Sweden