If a change in the price of a good results in no change in total revenue, then
a. the demand for the good must be elastic.
b. the demand for the good must be inelastic.
c. the demand for the good must be unit elastic.
d. buyers must not respond very much to a change in price.
c
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A sudden technological breakthrough in an economy would:
a. have no impact on real GDP. b. cause aggregate demand to fall. c. lower the natural rate of unemployment. d. increase the price level. e. cause aggregate supply to rise.
If a private bank lends money to another bank, the interest rate that is charged for the loan is the:
A. Discount rate B. Prime rate C. Federal funds rate D. Loan rate
For any constant returns production function, the isoquants for Q = 1, Q = 2, Q = 3, etc. will
A. be equally spaced, in that the distance between Q = 1 and Q = 2 is the same as Q = 2 and Q = 3, etc. B. all be inversely proportional to the inputs. C. be straight lines. D. exhibit diminishing returns in the long run.
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa