Given the same price elasticity of supply, sellers would be able to pass along the smallest portion of a 10 percent tax on which item?
A. Beef with a price elasticity of demand of 0.62
B. Fish with a price elasticity of demand of 0.12
C. Chicken with a price elasticity of demand of 0.32
D. Pork with a price elasticity of demand of 0.73
Answer: D
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If the money wage rate rises relative to the price level, firms ________ the quantity of labor they demand and workers ________ the quantity of labor they supply
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Andrew Carnegie dominated the steel industry on the basis of the Bessemer converter. This technology permitted unskilled men to produce large quantities of steel at relatively low costs. This technology was
(a) invented by Carnegie. (b) stolen from the British inventor Bessemer. (c) acquired legally from the British inventor Bessemer. (d) imported from Germany.
During the second half of 2008, the Fed approximately doubled the reserves of the commercial banking system. As a result, the M1 money supply
a. fell sharply, because the banks used the excess reserves to extend additional loans. b. also approximately doubled. c. was unchanged, because bank reserves will not affect the M1 money supply. d. increased, but by a much smaller amount, because the banks used only a small portion of their excess reserves to extend additional loans.
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C