When the price of pizzle trees increased by 20 percent last year, consumers ended up spending 10 percent more on the purchase of pizzle trees. This shows that the demand for pizzle trees
A) was elastic.
B) was inelastic.
C) was unit elastic.
D) did not obey the law of demand.
B
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A nation's trade deficit will expand when its:
a. currency appreciates. b. economy is shrinking. c. investment environment is less attractive to foreigners. d. all of these are true.
If the government runs a deficit, which of the following will be true?
a. T > G - TR b. T < G - TR c. T > G + TR d. T < G + TR
Moving from one curve to another in an indifference map always increases utility
Indicate whether the statement is true or false
Increases in the productivity of labor tend to
A. increase the marginal revenue product of labor and the wages employers are willing to pay for any given amount of labor. B. decrease the marginal revenue product of labor and increase the wages employers are willing to pay for any given amount of labor. C. increase the marginal revenue product of labor but have no effect on the wages employers are willing to pay for any given amount of labor. D. decrease the marginal revenue product of labor and the wages employers are willing to pay for any given amount of labor.