If the price of a good increases and the total revenue also increases, the good has a(n)
A) elastic demand.
B) inelastic demand.
C) unit elastic demand.
D) perfectly elastic demand.
Answer: B
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The aggregate expenditure (AE) curve
A) includes expenditures by domestic residents only. B) does not include expenditures on either imports or exports. C) includes expenditures on foreign as well as domestic goods. D) includes all expenditures on domestic goods. E) adds expenditures on imports because they are consumed in the nation and subtracts expenditures on exports because they are consumed abroad.
Suppose that you are earning the maximum amount of money within the 28% tax bracket. If you receive a $1000 raise next year this will place you in the 33% tax bracket. Calculate your tax burden and the amount of increase in your "take-home" pay
What will be an ideal response?
Explain how rapid population growth can hinder labor productivity
What will be an ideal response?
Sustained inflation is
A. an increase in the overall price level that continues over a significant period of time. B. also called stagflation. C. the same as hyperinflation. D. a constant increase in the price of one product or service in the economy.