On a downward-sloping linear demand curve, total revenue reaches its maximum value at the
a. midpoint of the demand curve.
b. lower end of the demand curve.
c. upper end of the demand curve.
d. It is impossible to tell without knowing prices and quantities demanded.
a
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Which of the following goods might, under the right circumstances, be substitutes for love?
A) Power B) Wealth C) Notoriety D) All of the above. E) Trick question: there are no substitutes for love.
Sustained economic growth in the U.S. has been primarily a product of which of the following factors?
(a) War and exploitation of natural resources (b) Capital accumulation, increases in capital and labor productivity, and technological advancements (c) Restricted trade (d) Government policies and market interventions
Since a trade-off exists between total output and equality of income distribution,
A. greater equality of distribution will generally result in higher levels of output. B. greater output is generally associated with more equal distribution. C. policies designed to increase output will only succeed if distribution is more equal. D. policies intended to expand output must necessarily fail. E. policies designed to equalize distribution may adversely affect the size of output.
The price of domestically produced DVD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase by
a. (i) more than 1 percent. b. (ii) less than 1 percent. c. (iii) 1 percent. d. None of (i), (ii), and (iii) is correct; this particular price increase will not affect the GDP deflator.