Specialization of labor typically leads to higher levels of productive inefficiency in an economy

A good with a unit elastic demand has a:

A. perfectly horizontal demand curve. B. perfectly vertical demand curve. C. price elasticity greater than 1. D. price elasticity equal to 1.

If the United States imposes a tariff on the import of Japanese cars instead of a quota, the price

A. increase in Japanese cars goes into the revenue of U.S. automakers. B. increase in Japanese cars goes into the revenue of Japanese automakers. C. increase in Japanese cars goes into the revenue of the U.S. government. D. decrease in Japanese cars comes out of the revenue of U.S. automakers. E. decrease in Japanese cars comes out of the revenue of the U.S. government.