Suppose Aiyanna's Pizzeria currently faces a linear demand curve and is charging a very high price per pizza and doing very little business. Aiyanna now decides to lower pizza prices by 5% per week for an indefinite period of time. We can expect that each successive week
A. demand will become less price elastic.
B. the elasticity of supply will increase.
C. price elasticity of demand will not change as price is lowered.
D. demand will become more price elastic.
Answer: A
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The openness of the U.S. economy has
A) increased over time. B) decreased over time. C) remained fairly consistent over time. D) decreased over the past 30 years, following a 50 year increase.
Structural unemployment occurs because
A. new jobs are created, while old jobs cease to be viable. B. there are long-term mismatches between workers skills and jobs available. C. jobs differ in their location, skills required, and working conditions. D. the economy is experiencing a period of unusually low production.
Which of the following is a real quantity?
A. The current price of a barrel of oil B. The current wages paid to factory workers C. The number of tons of steel produced in 2005 D. The cost of a new car
Refer to the information provided in Figure 7.4 below to answer the question(s) that follow. 
Figure 7.4Refer to Figure 7.4. The average product with three workers is
A. 10. B. 14. C. 30. D. 126.