Suppose that the percentage change in demand is 10%, the price elasticity of demand is 1, and the percentage change in the equilibrium price is 3.33%. What is the price elasticity of supply?

A weak U.S. dollar leads to a higher volume of U.S. imports

Indicate whether the statement is true or false

If the U.S. government decides to distribute surplus cheese to food banks for the homeless, the government is addressing the question of

a. which goods and services should be produced with society's scarce resources b. what production methods should be used to produce goods and services c. how will output be allocated among the individuals in the society d. what prices will be charged for goods and services e. determining the optimal degree of specialization