If the price of a good falls and expenditure on the good rises, the demand for the good is _______
A. elastic
B. perfectly elastic
C. inelastic
D. unit elastic
A The total revenue test on page 121 shows that demand is elastic.
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How does an import quota affect the domestic price of the import, the domestic consumption, the domestic production, and the quantity imported?
What will be an ideal response?
The “cradle to grave” approach to materials and waste management
a. involves a linear flow of materials and wastes b. involves a circular flow of materials and wastes c. does not consider industrial waste as part of the materials flow d. none of the above
Other things remaining the same, if a nation's price level rises, the demand to hold money:
a. Falls. b. Rises. c. Does not change.
If the government were to reduce its spending, it would be enacting:
A. expansionary fiscal policy. B. a budgetary crisis intervention. C. expansionary budgetary policy. D. contractionary fiscal policy.