If a firm wants to increase revenue, it should increase the selling price of its product if it is currently producing in the ________ portion of its demand curve.
A. perfectly elastic
B. unit elastic
C. elastic
D. inelastic
Answer: D
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The U.S. produces and sells millions of different products. To aggregate them together into a single measure of domestic output, the quantity of each good produced is weighted by its ________.
A. utility to consumers B. cost of production C. market price D. contribution to corporate profits
Which of the following statements is true?
A) Empirical arguments can be supported without the use of data. B) Using a large data set will strengthen the force of an empirical argument C) Using fewer observations will strengthen the force of an empirical argument. D) The number of observations used does not affect the strength of an empirical argument.
Research has shown that nations with highly independent central banks tend to have low
A) inflation. B) interest rates. C) economic growth. D) unemployment.
Those who oppose minimum wage legislation argue that:
A. workers deserve a basic standard of living. B. setting a wage above the market-clearing equilibrium creates unemployment. C. the way to get an efficient labor market is for government intervention. D. it should be set below the market-clearing equilibrium.