The food and fiber industry today accounts for roughly what percent of GDP in the United States?
A) 8 to 11 percent B) 16 to 20 percent C) 12 to 15 percent D) 4 to 7 percent
Answer: C
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Suppose this economy is currently closed. ________ is/are most likely to want open trade, and ________ is/are most likely to oppose opening the economy to trade. 
A. bike manufacturers; bike purchasers B. the government; bike purchasers C. bike manufacturers; the government D. bike purchasers; bike manufacturers
The classical economists assumed that
A) wages and prices were inflexible, especially downward. B) government intervention in the economic system was necessary and helpful. C) monopoly was widespread in the economy. D) wages and prices were flexible.
Price wars can be the result of
A) a cooperative equilibrium. B) a firm playing a tit-for-tat strategy in which last period the competitors complied with a collusive agreement. C) new firms entering the industry and immediately agreeing to abide by a collusive agreement. D) new firms entering an industry and all firms then finding themselves in a prisoners' dilemma.
Why would a monopolist never price in the inelastic portion of the demand curve?
What will be an ideal response?