Refer to the information provided in Figure 19.1 below to answer the question(s) that follow. 
Figure 19.1 Refer to Figure 19.1. After firms can respond to the payroll tax, the per-hour wage paid by firms equals
A. $12.
B. $10.
C. $7.
D. $5.
Answer: B
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If the price elasticity of demand (Ep) equals one in the short run, then, other things being equal, in the long run Ep will be
A) one. B) less than one. C) greater than one. D) indeterminate without more information.
A perfectly competitive firm's supply curve is its
A) marginal cost curve. B) marginal cost curve above its minimum average total cost. C) marginal cost curve above its minimum average variable cost. D) marginal cost curve above its minimum average fixed cost.
Which of the following statements is not true for a command economy?
A. The government decides what is produced. B. The amount of a good supplied always equals the amount of the good demanded. C. The state decides how to distribute what is produced. D. Consumers have some choices concerning what they buy.
A country's balance of trade must be balanced.
Answer the following statement true (T) or false (F)