If demand is __________ and price is __________, total revenue will _________.
A. inelastic; raised; increase
B. elastic; raised; increase
C. inelastic; lowered; increase
D. elastic; lowered; decrease
A. inelastic; raised; increase
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Regarding the financial crisis of 2008-2009, and Americans' spending habits, it is correct to say that:
a. After 2000 . the ratio of consumer debt to GDP dropped steadily. b. After the financial crisis of 2008-2009, many U.S. consumers incurred more debt. c. Since 2009, the ratio of consumer debt to GDP has come down notably. d. None of these is correct.
Intermediate goods and services are:
A. used only as inputs to produce something else and are not counted as separate items in GDP. B. goods that consumers buy in parts-like a new tire for their car-and are included as separate items in GDP. C. goods that consumers buy in parts-like a new tire for their car-and are not included as separate items in GDP. D. used only as inputs to produce something else and are counted as separate items in GDP.
When demand is perfectly inelastic, an increase in price will
A) leave total revenue unchanged. B) increase total revenue. C) decrease total revenue. D) either increase total revenue or decrease total revenue, but it is impossible to tell which.
To efficiently improve environmental quality, it is usually
A. better to focus on the hardest areas to clean up first since these usually are the biggest problems. B. more appropriate to concentrate on the physical quantities of pollution rather than on economic costs. C. better to focus on economic damages rather than physical quantities of pollution. D. best to set up stringent emission standards that must be followed by everyone.