As we move upward along a linear demand curve, the price elasticity of the demand:
A. increases.
B. decreases.
C. remains the same.
D. increases up to the midpoint and then decreases.
Answer: A
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When we cannot produce more of any good without giving up some other good that we value more highly, we have achieved
A) production. B) equity. C) allocative efficiency. D) the production point where the marginal benefit exceeds the marginal cost by as much as possible.
________ in the foreign interest rate causes the demand for domestic assets to decrease and the domestic currency to ________, everything else held constant
A) An increase; appreciate B) An increase; depreciate C) A decrease; appreciate D) A decrease; depreciate
The labor input in the production function can increase
A) only if the number of workers increases. B) only if the efficiency of the existing workers improves. C) if the number of workers increases and/or the efficiency of the existing workers improves. D) only if both the number of workers increases and the efficiency of the existing workers improves.
During the past 15 years, the increased use of _______ ________, ________ ________, and __________ ___________ the velocity of money has tripled the United States since the 1950's.
Fill in the blank(s) with the appropriate word(s).