Which of the following correctly comments on the following statement? "The only way to increase the revenue from selling a product is to increase the product's price."
A) This statement is not true. Revenue will increase as the price of the product increases only if demand is inelastic.
B) It is not true. Revenue will increase as the price of the product increases only if demand is elastic.
C) This statement is not true. Revenue will decrease as the price of the product increases because quantity demanded will fall.
D) The statement is true.
A
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Which statement is most accurate about the U.S. between 1800-1860?
a. New states were always permitted to choose whether they wanted to be free or slave states. b. Slaves were prohibited from the western territories and new states. c. The threat of having their jobs replaced by slaves led many southerners to unionize. d. The total value of slaves in the U.S. increased substantially after the slave trade was stopped in the early 1800s.
An annually balanced budget: a. is the surest path to economic stability
b. is required by the U.S. Constitution. c. dampens cyclical swings by decreasing government spending during expansions and increasing it during recessions. d. accentuates cyclical swings by increasing government spending during expansions and reducing it during recessions. e. is a goal that has only been achieved twice in the past 5 years.
The circular flow model represents the establishment of market value for:
a. goods and services. b. wages and salaries. c. profits and rents. d. all of these.
Suppose that Jack promises that if Jill chooses the high price, he will too. Jack has an incentive to cheat on the agreement.
Answer the following statement true (T) or false (F)