Demand for movie rentals is highly elastic. What will happen if a video store raises the price of a rental?
(A) It could possibly gain or lose revenue.
(B) It would see no change in revenue.
(C) It will gain revenue.
(D) It will lose revenue.
Ans: (D) It will lose revenue.
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What is hyperinflation?
What will be an ideal response?
In the above figure, a minimum wage of ________ would result in employment of ________
A) W2; L1 B) W2; L2 C) W1; L1 D) W1; L2
Which of the following is not correct?
a. GNP equals net national product plus losses from depreciation. b. For most countries, including the United States, GDP and GNP are nearly the same. c. GDP and GNP typically move in opposite directions. d. Personal income equals disposable personal income plus personal taxes plus certain nontax payments.
State governments’ main source of revenue is
A. property taxes. B. income taxes. C. excise taxes. D. sales taxes.