Total revenue increases if price ________ and demand is ________.
A. rises; inelastic
B. falls; inelastic
C. falls; unit elastic
D. rises; elastic
Answer: A
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If Bill thinks tacos and turkey sandwiches are perfect substitutes, then his indifference curves for these two goods
A) are L-shaped. B) are negatively sloped and linear. C) are positively sloped and linear. D) have slopes equal to 1.
With overnight repos, __________ gain access to short-term funds to lend
A) corporations B) banks C) governments D) consumers
The price elasticity of demand measures
A) the consumers' sensitivity to a price change. B) the producers' sensitivity to a price change. C) how much the market price changes in response to a change in demand. D) how much the demand changes in response to a change in income.
An appreciation of one's currency means that:
a. the country's exports will become less expensive. b. the country's imports will become more expensive. c. the country's imports will become less expensive. d. it now requires more of this currency in exchange for one unit of another currency. e. it now requires less units of other currencies in exchange for one unit of this currency.