The demand for a commodity is said to perfectly inelastic when:
a. a prominent change in the price level leaves the quantity demanded totally unchanged.
b. a small change in the price level affects the quantity demanded to a large extent.
c. a change in the price level has an equal impact on the quantity demanded.
d. a change in the price level has a negative impact on the quantity demanded.
A
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
What is the total cost at the break-even quantity calculated above?
a. $750 b. $1000 c. $1500 d. $2000
The Asian tigers have experienced rapid economic growth in recent times. Hence, these countries are sometimes referred to as:
a. first-world countries. b. newly industrialized countries. c. the globalization limelight. d. second-world countries. e. the G-8 nations.
If a poor country is going to grow rapidly and achieve a high level of per capita income, which of the following is most important?
What will be an ideal response?