A linear demand curve
A. will have an ever rising total revenue function.
B. becomes less elastic as price falls.
C. always has a constant elasticity.
D. can have constant elasticity if its slope is more than one.
Answer: B
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The sensitivity of one economic variable to changes in another variable is known as
a. the variability coefficient b. elasticity c. the sensitivity coefficient d. the cross-variability coefficient e. the law of demand
In 2008, the Los Angeles Times asked members of the American public whether free international trade has helped or hurt the economy. Of those surveyed,
a. 57 percent said free international trade helped the economy. b. 26 percent said free international trade helped the economy. c. 30 percent said free international trade hurt the economy. d. 16 percent said free international trade hurt the economy.
Most businesses in the world start as
a. sole proprietorships b. general and limited partnerships c. subchapter S corporations d. C corporations e. limited liability corporations or partnerships
Suppose there is a reduction in expected future output. This will cause which of the following to occur?
A) the IS curve to shift left in the current period B) the IS curve to shift right in the current period C) the LM curve to shift up in the current period D) the LM curve to shift down in the current period