The above table gives the demand schedule for Billy Bob's BBQ ribs. An increase in the price of a pound of ribs will lead to a decrease in total revenue when
A) demand is inelastic.
B) the demand curve is vertical.
C) the price increase occurs over the price range of 0 to $5.
D) the price increase occurs over the price range of $5 to $10.
D
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The convergence hypothesis explains
A. the shrinking gap between income levels of poor and rich countries. B. the ability of firms to profit maximize and cost minimize. C. the willingness of countries to reduce environmental damage after an income level has been attained. D. the similarities between cultures.
The distinction between microeconomics and macroeconomics is
A. determined by economists in a clear and concise manner. B. narrowly drawn, and microeconomic analysis often relies on macroeconomic tools. C. often blurred because aggregates are made up of individuals and firms. D. clearly drawn, and there is no overlap between them.
The two channels through which ________ policy can influence behavior in the goods market are investment and consumption.
A. fiscal B. regulatory C. trade D. monetary
Which of the following is a question answered with positive economic analysis?
A. Should the college provide more financial aid assistance? B. Should the college offer free parking for students? C. If the college increased tuition, will class size decline? D. Should the college cut tuition to stimulate enrollment?