If the managers of a theater plan to raise ticket prices to increase ticket revenues, then they must believe that demand is
a. elastic
b. inelastic
c. unit elastic
d. perfectly elastic
e. income elastic
B
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Suppose a country's net exports equal -$17.7 billion. Which of the following will happen if the volume of imports increases by $7 billion without any change in the volume of exports?
A) The country's net exports will stand at zero. B) The country's net exports will become positive. C) The country's net exports will stand at -$10.7 billion. D) The country's net exports will stand at -$24.7 billion.
Everything else held constant, an increase in net exports ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
If you have $1,000 and the Gross Domestic Product (GDP) deflator increases from 100 to 120, then
A) the $1,000 will buy 20 percent less of the goods and services produced by society. B) the $1,000 will buy 20 percent more of the goods and services produced by society. C) the value of the $1,000 increases. D) you will be able to buy fewer goods, but the real value of those goods will increase.
Between 1870 and 1900, total land under cultivation
a. increased by roughly 25 percent b. increased by roughly 50 percent. c. more than doubled. d. increased fourfold.