In which of the following instances will total revenue decline?
A. Price rises and supply is elastic.
B. Price falls and demand is elastic.
C. Price rises and demand is inelastic.
D. Price rises and demand is elastic.
Answer: D
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Suppose the total monetary value of all final goods and services produced in a particular country during one year is $500 billion, and the total monetary value of final goods and services sold is $450 billion. We can conclude that ________.
A. real GDP in 2010 is $450 billion B. inventories in 2010 fell by $50 billion C. nominal GDP in 2010 is $450 billion D. nominal GDP in 2010 is $500 billion
The reason that average labor costs are higher in the United States than in Haiti is that
A) workers are more productive in the United States. B) U.S. workers have a comparative advantage. C) Haitian workers have a comparative advantage. D) Haitian workers do not have union representation.
Suppose the world economy is divided into two halves. In Region A, all economies experience a decrease in desired saving, while desired saving is unchanged in Region B
If there is open trade and perfect capital mobility across the two regions, which of the following is true? A) Actual saving in Region B has increased. B) Actual investment in Region A has increased. C) Region A's imports from Region B have decreased. D) all of the above E) none of the above
Under which one of the following situations would you be better off?
A) You have $10,000 in your savings account paying 5 percent per year and unanticipated inflation is 8 percent per year. B) You have paid $500 for a $1,000 U.S. savings bond that matures in 10 years and unanticipated inflation is 10 percent per year. C) You lend a friend $1,000 at 6 percent to be repaid in one year and unanticipated inflation is 7 percent during the year. D) You borrowed $2,500 at 7 percent to pay for this year's college expenses and unanticipated inflation is 12 percent during the year.