If demand facing the firm is price-inelastic, marginal revenue will be:
a. positive.
b. zero.
c. negative.
d. constant.
c
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How is the typical market basket determined for the Consumer Price Index (CPI)?
a. By the President b. By the U.S. Congress c. By a survey of the spending patterns of thousands of businesses d. By a survey of the spending patterns of thousands of government agencies e. By a survey of the spending patterns of thousands of households
Keynes believed that economies experiencing high unemployment should adopt policies to
a. reduce the money supply. b. reduce government expenditures. c. increase aggregate demand. d. increase aggregate supply.
The law of diminishing marginal utility states that as we consume increasing amounts of a good or service, _________________________.
Fill in the blank(s) with the appropriate word(s).
The World Trade Organization is a successor organization to the
A. International Court of Justice. B. GATT. C. World Bank. D. United Nations.