When demand is unit elastic, a decrease in price will result in no change in total revenue.
Answer the following statement true (T) or false (F)
True
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If in the economy, business saving equals $300 billion, household saving equals $10 billion and government saving equals -$200 billion, what is the value of national saving?
A. $210 billion B. $310 billion C. $110 billion D. $10 billion
Refer to Scenario 25-2. As a result of Kristy's deposit, Bank A can make a maximum loan of
A) $2,000. B) $8,000. C) $10,000. D) $50,000.
Anything that causes the United States to buy more foreign goods shifts the foreign currency __________ curve to the __________
A) demand; right B) demand; left C) supply; right D) supply; left
Consider the hypothetical supply and demand of Kidneys.
Initially, kidneys are exchanged by donations only (price=0). If the government decides to legalize kidney sales and the market reaches equilibrium, then:
A. total surplus increases.
B. consumer surplus remains the same.
C. producer surplus remains the same.
D. a shortage of kidneys will arise.