When there are more substitutes for a product, the ________ for the product is ________.
A. income elasticity; greater
B. demand; less price elastic
C. income elasticity; smaller
D. demand; more price elastic
Answer: D
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When economic profits are zero, accounting profits are most likely:
A. positive. B. negative. C. zero. D. All of these are likely.
A quota has all of the following impacts except:
A. drive up prices. B. create deadweight loss. C. help poorer countries. D. generate revenues for government.
Refer to the graph shown. 
The top 20 percent of the families earn:
A. 67.4 percent of the income. B. 54.7 percent of the income. C. 32.6 percent of the income. D. 45.3 percent of the income.
If all fixed taxes in the United States were removed and only variable taxes remained, what would be the effect on the expenditures schedule?
A. The expenditure schedule will shift upward. B. The expenditure schedule will shift downward. C. The expenditure schedule will become flatter. D. The expenditure schedule will become steeper.