If the price elasticity of demand is 1.0, and a firm raises its price by 10 percent, the total revenue will
A. Rise by 10 percent.
B. Rise by 100 percent.
C. Not change.
D. Fall by 10 percent.
Answer: C
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International trade in the U.S. during the antebellum period
(a) benefited the Northern economy more than the Southern economy. (b) benefited England significantly more than the U.S. (c) played an important part in the growth and expansion of the Southern economy. (d) occurred as described in all of the above.
An inefficient allocation of resources or unusually high unemployment: a. causes the production possibilities curve to shift inward
b. causes the production possibilities curve to shift outward. c. can each be illustrated by a point inside the production possibilities curve. d. can each be illustrated by a point outside the production possibilities curve.
If not recycled, an input used in production ultimately winds up as a waste product
a. True b. False Indicate whether the statement is true or false
Why do people hold money? Explain the reasons.
What will be an ideal response?