If the price elasticity of demand for pineapples is greater than 1, an increase in pineapple prices will
A. lower total revenue.
B. not affect total revenue.
C. raise total revenue.
D. either raise or lower total revenue, but it is impossible to determine which.
Answer: A
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Providing a constant number of workers with additional capital with which to work will ________ labor productivity at a(n) ________ rate.
A. increase; increasing B. decrease; decreasing C. increase; decreasing D. increase; constant
The production function shows
A) the incremental output gained by improving the production process. B) the maximum output that can be produced from each possible quantity of inputs. C) the technology used to produce output. D) the total cost of producing a given quantity of output.
Under the gold standard, when a nation had a deficit in its balance of payments
A) interest rates would rise which would reduce foreign investment. B) interest rates would fall which would increase foreign investment. C) gold would flow to foreign residents and the domestic money supply would decrease. D) gold would flow into the country leading to an increase in the domestic money supply.
Which of the following about economic growth is true?
a. The fastest growing economies in the world are mostly less developed countries. b. The fastest growing economies in the world (those with annual real growth rates of 3.5 percent or more) are mostly high-income industrial countries. c. The slowest growing countries in the world, many of which are experiencing declines in per capita GDP, are less developed countries. d. Both a and c are true.