The four largest firms account for approximately 90% of U.S. beer sales. The U.S. beer industry would be best classified as a(n)
A. perfectly competitive industry.
B. monopolistically competitive industry.
C. monopoly.
D. oligopoly.
Answer: D
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Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. The implicit cost for one birdhouse is
a. $4. b. $5. c. $8. d. $9.
Which of the following best describes the relationship between economic freedom and the growth rate of real per capita Gross Domestic Product (GDP)?
What will be an ideal response?
Refer to the graph below. Assume the consumer has an income of $100, the price of X is $2 and the price of Y is $1. According to the graph below, the total effect of a decrease in the price of X from $2 to $1 is equal to: 
A. 25 B. 20 C. 30 D. 5
The demand for video recorders has been estimated to be linear and given by the demand relation Qv = 145 ? 3.2Pv + 7M ? 0.95Pf ? 39Pm, where Qv is the quantity of video recorders, Pf denotes the price of video recorder film, Pm is the price of attending a movie, Pv is the price of video recorders, and M is income. Based on the estimated demand equation we can conclude:
A. video recorders are normal goods and the demand for video recorders is inelastic. B. video recorders are normal goods and video recorder film is a complement for video recorders. C. the demand for video recorders is inelastic. D. video recorders are normal goods.