Which of the following equations accurately shows a total revenue increase when demand is price inelastic?
a.
b.
c.
d.
a.
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Which of the following is NOT illustrated by a production possibility curve?
a. scarcity b. opportunity cost c. necessity for choice d. price
To convert nominal GDP to real GDP, we use which one of the following?
a. real GDP = nominal GDP × GDP deflator b. real GDP = nominal GDP/GDP deflator c. real GDP = GDP deflator/nominal GDP d. real GDP = (nominal GDP/GDP deflator) × 100 e. real GDP = (nominal GDP/GDP deflator)/100
Economics can best be described as the study of:
A. how people, institutions, and society make choices under conditions of scarcity. B. how to increase the level of productive resources so there is maximum output in society. C. how business structures influence the allocation of income among firms. D. how to use productive resources to maximize income level.
Assume the graph shown reflects demand in the automobile market. Which arrow best captures the impact of increased consumer income on the automobile market?
A. A B. B C. C D. D