If demand is ________, a price cut ________ the total revenue
A) elastic; increases
B) unit elastic; decreases
C) inelastic; increases
D) inelastic; does not change
E) normal; decreases
A
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For the United States since 1950, imports as a percentage of GDP has
A) tripled. B) increased slightly. C) remained constant. D) decreased.
Last month, Sally spent $3,000 in repairing her old car. Now her car requires an additional $2,000 in repairs. She could get a comparable car for $2,500 . She should
a. repair her car because the money she has already spent repairing the car ($3,000 . exceeds the price of the new car ($2,500) b. buy a new car because sunk costs should be ignored in decision making c. buy a new car because the price of the new car ($2,500) is less than the total amount she would spend on her current car ($5,000) d. repair her car since the cost of repairing it is lower than the cost of buying another car e. repair the car or buy a comparable one because the opportunity costs are the same
Under alternative scenarios, the national debt as a percentage of GDP is projected to rise dramatically
a. True b. False
The anticipated effect of contractionary monetary policy is
a. increase in aggregate demand. b. fall in interest rates. c. increased capital outflow. d. appreciation of the currency.