Exhibit 5-5 Demand curve for computers
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In Exhibit 5-5, the change in total revenue resulting from a change in price from A to D indicates that the demand curve is:
A. elastic.
B. inelastic.
C. unitary elastic.
D. nonelastic.
Answer: A
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Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448Over which price range is the demand unit-elastic?
A. $16-$14 B. $14-$12 C. $12-$10 D. $18-$16
In the simple circular flow model, total income in one nation must equal
A) the sum of wages, rents, interest and profits. B) the yearly amount earned by that nation's resources. C) the total monetary value of all final goods and services. D) All of the above are correct.
The wage gap between skilled and unskilled worker has
a. risen; some economists argue that this is partly due to increased international trade. b. risen; some economists argue that this is partly due to decreased international trade. c. fallen; some economists argue that this is partly due to increased international trade. d. fallen; some economists argue that this is partly due to decreased international trade.
Other fundamental things being equal, a decrease in the exchange rate value of the domestic currency will make domestic goods
A. less competitive in the international markets. B. less expensive in the domestic market. C. more in demand internationally. D. less expensive to produce.