Over the elastic portion of a demand curve, a decrease in price causes:
a. an increase in total revenue.
b. a decrease in total revenue.
c. no change in total revenue.
d. an increase in quantity demanded, but anything can happen to revenue.
a
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A trade-off refers to
A) sacrificing one thing for another. B) deciding who consumes the products produced in an economy. C) allowing the government and other organizations to choose for us. D) holding other variables fixed.
Workers with a particular skill are represented by
A. Craft unions. B. Industrial unions. C. Market unions. D. Skill unions.
In the last three decades, air quality in American cities has improved.
Answer the following statement true (T) or false (F)
Which statement is true?
A. Currency accounts for about 75% of the U.S. money supply. B. The use of money requires a double coincidence of wants. C. M2 is over $8.5 trillion. D. None of the statements are true.