With economic development comes each of the following, EXCEPT
A. a decline in the birth rate.
B. an increase in the stock of capital.
C. rising per capita GDP.
D. a declining wage rate.
D. a declining wage rate.
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________ are inducements to act in certain ways
Fill in the blank(s) with correct word
A permanent increase in a country's money supply
A) causes a more than proportional increase in its price level. B) causes a less than proportional increase in its price level. C) causes a proportional increase in its price level. D) leaves its price level constant in long-run equilibrium. E) causes an inversely proportional fall in its price level.
A decrease in price will result in an increase in total revenue if:
A) the percentage change in quantity demanded is less than the percentage change in price. B) the percentage change in quantity demanded is greater than the percentage change in price. C) demand is inelastic. D) the consumer is operating along a linear demand curve at a point at which the price is very low and the quantity demanded is very high.
In the long run, the movement of firms into and out of a perfectly competitive market will influence price by
a. shifting the market demand curve b. shifting the market supply curve c. making the market supply curve less elastic d. making the market demand curve less elastic e. shifting the supply curve for each firm in the market