If the demand for textbooks is inelastic, then an increase in the price of textbooks will
a. increase total revenue of textbook sellers.
b. decrease total revenue of textbook sellers.
c. not change total revenue of textbook sellers.
d. There is not enough information to answer this question.
a
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In the business cycle, what immediately precedes the time when real GDP is falling?
A) depression B) peak C) recession D) expansion E) trough
Information that is difficult to measure is called
a. quantitative b. qualitative c. longitudinal d. dependent
When looking at the economic impact of the terrorist attacks, the initial claim by Osama Bin Laden that the cost to the U.S. would be $1 trillion
A. was viewed at the time to be about right. B. was viewed at the time to be too high, but in retrospect, is actually too low. C. was viewed at the time to be too low. D. was viewed at the time to be too high, but in retrospect, is actually about right.
Figure 3.4 illustrates the demand for tacos. A successful advertising campaign to sell tacos would bring about a movement from:
A. point a to point b. B. point c to point b. C. D2 to D1. D. D0 to D1.