When demand is unit elastic, price elasticity of demand equals
a. 1, and total revenue and price move in the same direction.
b. 1, and total revenue and price move in opposite directions.
c. 1, and total revenue does not change when price changes.
d. 0, and total revenue does not change when price changes.
c
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Neoclassical growth theory predicts that China's economic growth rate will ________
A) decrease when the interest rate increases B) continue at around 10 percent a year C) always remain above the U.S. economic growth rate D) eventually converge to the U.S. economic growth rate
Roberta spends all of her income on two items, staplers and paper clips. If the price of a stapler increases, there will be a ________ Roberta's demand curve for staplers and a ________ Roberta's demand curve for paper clips
A) rightward shift of; leftward shift of B) leftward shift of; movement along C) movement along; rightward shift of D) movement along; leftward shift of
Suppose the market price of corn is $5.50 per bushel. What are the three conditions that will need to be satisfied for the corn market to be in equilibrium at this price?
What will be an ideal response?
Over which of the following does the Fed have some control?
a. a commercial bank based in Paris, France b. a pension fund based in Albany, New York c. a commercial bank based in Wichita, Kansas d. a pension fund based in Tokyo, Japan