To increase total revenue, firms with ________ demand should lower price, and firms with ________ demand should increase price.
A. elastic; unit
B. elastic; inelastic
C. unit; inelastic
D. inelastic; elastic
Answer: B
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From the point of view of a particular country, capital outflows are:
A. purchases of domestic assets by foreigners. B. purchases of foreign goods or services by domestic households or firms. C. purchases of domestic goods or services by foreigners. D. purchases of foreign assets by domestic households or firms.
________ increases potential GDP
A) A decrease in the money wage rate B) A recessionary gap C) A recession D) An increase in the amount of human capital E) An increase in aggregate demand
Which of the following is the purpose of a minimum wage?
a. To reduce the wage rates of high-income workers b. To keep a track of the changes in the wage rate in an unskilled labor market c. To deal with the problem of unemployment in the market d. To help increase the profits earned by the producers e. To raise the wage rate for the lowest income workers
A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?
a. The United States should not restrict employers from outsourcing work to foreign countries. b. The United States should withdraw from the North American Free Trade Agreement (NAFTA). c. The United States should eliminate agricultural subsidies. d. Local and state governments should eliminate subsidies to professional sports franchises.