For which of the following goods is the price elasticity of demand most inelastic?

What determines the position and shape of a society's production possibilities frontier?

a. the physical resources of that society b. the skills of the workforce c. the level of technology of the society d. the amount of factories in the society e. All of the above are correct.

Which of the following assertions is not correct about the multilateral approach to free trade?

a. The multilateral approach has the potential to result in freer trade than does the unilateral approach. b. The multilateral approach may have a political advantage over the unilateral approach. c. The multilateral approach is simpler than the unilateral approach. d. NAFTA and GATT both represent multilateral approaches to free trade.