When total revenue and price are inversely related, demand is
A. unit-elastic.
B. inelastic.
C. elastic.
D. not related.
Answer: C
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If a group of sellers that can restrict entry into a market, they will often be able to enlarge their total profit by
a. raising price and reducing output. b. raising price and expanding output. c. lowering price and expanding output. d. raising price and leaving output unchanged.
If an economy's population grows at 3 percent and real GDP grows at 2 percent, then:
A. per capita real GDP is declining. B. the economy's standard of living is increasing. C. per capita real GDP is negative. D. per capita real GDP is growing.
Fractional reserve banking is a system in which
A. a fraction of banking services must be provided by depository institutions. B. depository institutions pay a fraction of advertised interest rates. C. depository institutions hold a fraction of total deposits in reserve. D. the money supply is a set fraction of the U.S. gold reserves.
If for some reason households become increasingly thrifty, we could show this by:
A. a downshift of the saving schedule. B. an upward shift of the consumption schedule. C. an upward shift of the saving schedule. D. a movement down along a stable consumption function.