If a decrease in the price of a good decreases the total revenue, the demand for the good is
a. price elastic
b. price inelastic
c. income elastic
d. income inelastic
b
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The short-run aggregate supply curve shows that inflation will change as a result of changes in ________
A) output B) potential output C) expected inflation D) price shocks E) all of the above
The assumption that firms attempt to maximize profits will yield good predictions even if firms sometimes pursue other goals.
Answer the following statement true (T) or false (F)
Lydia, a citizen of Italy, produces scarves and purses that she sells to department stores in the United States. Other things the same, these sales
a. increase U.S. net exports and have no effect on Italian net exports. b. decrease U.S. net exports and have no effect on Italian net exports. c. increase U.S. net exports and decrease Italian net exports. d. decrease U.S. net exports and increase Italian net exports.
Which of the following is true about transactional relationships?
a. They are cost driven and arm's length b. They are vital to profitability c. They need and expect efficient service d. They do not have resources to waste with inefficient transactions, processes, processes, or partners e. All of the above