If price is cut and demand is elastic, total revenue will rise because
A) the change in quantity demanded is greater than the percent change in price.
B) the percent change in quantity demanded is greater than the change in price.
C) the percent change in quantity demanded is greater than the percent change in price.
D) customers can't find substitutes.
C
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Because the United States has ________ advantage compared to China in producing airplanes, China can buy airplanes from the United States at a ________ opportunity cost than that at which China can produce them
A) comparative; lower B) comparative; higher C) absolute; lower D) absolute; higher E) None of the above because China will produce airplanes and sell them to the United States.
The income components of GDP include all of the following except
A) wage income. B) foreign income. C) net interest income. D) after-tax profits.
Considering the information in the table shown, if Jack consumes 2 popsicles and 2 ice cream cones:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. Jack still has $4 left to spend.
B. Jack still has $6 left to spend.
C. Jack still has $8 left to spend.
D. Jack still has $2 left to spend
Economists believe having higher prices for scarcer resources promotes efficiency
a. True b. False Indicate whether the statement is true or false