If the demand for ptyalin is unit elastic, then
a. total revenue decreases as quantity demanded increases
b. total revenue increases as quantity demanded increases
c. total revenue increases as price increases
d. total revenue remains constant as price increases
e. total revenue decreases as price increases
D
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A firm's economic profits are given by
a. total revenue minus total accounting cost. b. the owner's opportunity cost. c. total revenue minus total economic cost. d. total revenue minus the cost of capital.
Which of the following is not a function of money?
a. Standard of deferred payment. b. Medium of exchange. c. Legal tender. d. Store of value. e. All of the above are functions of money.
If the United States were to stop importing flowers from other nations, and instead insisted that it grow all of its own flowers, the effect of this would be to
A. improve consumer well-being. B. draw resources necessary to grow flowers away from the rest of the economy. C. reduce flower prices because they would not have to be transported as far. D. improve the wellbeing of foreign flower producers.
Ceteris paribus, if seasonal unemployment increases, the seasonally adjusted economy is
A. On the production possibilities curve that shifts inward. B. Outside the production possibilities curve. C. On the fixed production possibilities curve. D. Inside the production possibilities curve.