Knowing the price elasticity of demand is important in business because it allows a manager to determine whether:
A. a price increase will cause the quantity demanded to rise or fall.
B. an increase in supply will cause total profit to rise or fall.
C. a price increase will cause total revenue to rise or fall.
D. a price increase will cause the demand to rise or fall.
Answer: C
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Which of the following factors could cause the economy to experience supply-side inflation?
A) increased security about jobs and future income B) Develop new technology to increase productivity. C) government laws which say that the average work week must be reduced by one hour every year D) Increase the number of immigrants allowed into the country.
Which of the following statements is true?
A. A tariff is a physical limit on the quantity of a good allowed to enter a country. B. An embargo is a tax on an imported good. C. A quota is a law that bars trade with another country. D. When a nation exports more than it imports it is running a balance of trade surplus.
Discuss the evidence on whether economic growth is bad for the environment
What will be an ideal response?
The two largest economies in the world in 2012 were:
A. China and the U.S. B. Japan and the U.S. C. England and the U.S. D. China and Germany.