If the demand faced by a firm is inelastic, selling one more unit of output will:
a. increase revenues.
b. decrease revenues.
c. keep revenues constant.
d. increase profits.
b
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Keynesian economists believe that changes in GDP result primarily from changes in
a. aggregate supply and aggregate demand, both contributing equally b. aggregate supply c. aggregate demand d. monetary policy e. fiscal policy
A British importer buying American wheat would pay for his purchases in __________.
Fill in the blank(s) with the appropriate word(s).
Gross Domestic Product is a dollar measure of
a. total gross investment in an economy. b. total industrial sales in a particular time period. c. the total physical product of the economy. d. the value of all final goods and services produced in one time period.
Which of the follow is NOT an example of a market?
A. Retail trade of chocolate ice cream in Boston. B. The buying and selling of homes in Kansas City. C. The farmer's market in Madison, Wisconsin. D. The buying and selling of used cars.