If demand is very inelastic,
A. The demand curve will be very steep.
B. The demand curve will be horizontal.
C. The demand curve is upward-sloping.
D. The demand curve will be very flat.
Answer: A
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Moving along the AS curve, when the price level increases, the
A) nominal wage rate falls, and there is an increase in the quantity of real GDP supplied. B) real wage rate rises, and there is an increase in the quantity of real GDP supplied. C) nominal wage rate rises, and there is a decrease in the quantity of real GDP supplied. D) real wage rate falls, and there is an increase in the quantity of real GDP supplied. E) real wage rate rises, and there is a decrease in the quantity of real GDP supplied.
Refer to Table 2-5. If the two countries specialize and trade, who should export cell phones?
A) Estonia B) They should both be importing cell phones. C) There is no basis for trade between the two countries. D) Finland