Over the inelastic range of a demand curve, there is
A) a positive relationship between a given percentage change in price and a change in total revenues.
B) a negative relationship between a given percentage change in price and a change in total revenues.
C) an increase in total revenues regardless of an increase or decrease in price.
D) no relationship between changes in price and changes in total revenues.
Answer: A
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The shapes of the total product and marginal product curves are related because
a. an increase in total product pulls marginal product up. b. marginal product gives the slope of total product. c. marginal product increases as total product increases. d. the marginal product curve lies above the total product curve.
The aggregate demand curve shows total expenditures at different levels of national income
Indicate whether the statement is true or false
Which of the following best describes labor force participation rates for men and women over the period 1960 to 2000?
A. Labor force participation rates for both men and women increased. B. Labor force participation rates for both men and women decreased. C. Labor force participation rates for men increased while labor force participation rates for women decreased. D. Labor force participation rates for men declined while labor force participation rates for women increased.
Table 5.1National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$4,565Exports$740Government purchases of goods and services$1,465Social Security taxes$510Net investment$225Indirect business taxes$520Imports$825Gross investment$865Corporate income taxes$185Personal income taxes$750Corporate retained earnings$45Net foreign factor income$20Government transfer payments to households$690Net interest payments to households$0On the basis of Table 5.1, gross domestic product is
A. $7,635 billion. B. $7,720 billion. C. $6,980 billion. D. $6,810 billion.