When demand is unit elastic, an increase in price will result in an increase in total revenue.
Answer the following statement true (T) or false (F)
False
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Which of the following is a function that money serves?
A) store of value B) medium of exchange C) unit of account D) All of the above are correct.
In the short run, a firm might choose to produce rather than shut down even if its market price is less than its average total cost of production
Indicate whether the statement is true or false
A political candidate promises voters more funding for AIDS research and child care and assures them they will not have to sacrifice any other goods or services to obtain the additional programs.
A. This may be possible if the economy has unemployed resources. B. This is possible only in a fully employed economy. C. This is possible if the economy is producing on its production possibilities curve. D. None of the choices are possible.
Public investment in crop breeding has tended to emphasize longer term research while investment by the private sector has emphasized:
a. Investment in animal agriculture b. Investment to encourage small scale production c. Investment in cultivar development with short term payoffs d. All of the above