Demand is elastic when a price ________ results in total revenue ________
A) rise, decreasing
B) fall, decreasing
C) rise, increasing
D) fall; remaining constant
A
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Compared to high-income countries, low-income countries might have an advantage in achieving higher rates of worker productivity and economic growth in the future. This is because:
a. the economic growth rate begins to diminish as capital deepening increases in high-income countries. b. the invention of new technology is subject to diminishing marginal returns in high-income countries. c. the cost of adaption to new technology is lower in low-income countries than in high-income countries. d. the marginal cost of production decreases more in low-income countries than in high-income countries.
The economizing problem is essentially one of deciding how to make the best use of
a. limited resources to satisfy limited wants. b. unlimited resources to satisfy limited wants. c. limited resources to satisfy virtually unlimited wants. d. unlimited resources to satisfy unlimited wants.
A Pigovian tax imposed on consumers ________ the price, and if the same tax were imposed on producers, it would ________ the price.
A. decreases; increase B. increases; decrease C. decreases; decrease D. increases; increase
The open economy multiplier is
A. 1/[1 - (MPM - MPC)]. B. 1/[1 - (MPC - MPM)]. C. 1/[1 - MPC - MPM]. D. MPM/[1 - (MPC - MPM)].