If the price elasticity of demand for apples is greater than 1, an increase in apple prices will
A) raise total revenue.
B) lower total revenue.
C) not affect total revenue.
D) either raise or lower total revenue, but it is impossible to determine which.
B
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GDP excludes the purchases of sliced bread by a sandwich shop, because the bread is an intermediate good in this case
a. True b. False Indicate whether the statement is true or false
By referencing events in the news or something from your personal experiences, describe one example of each of the five foundations of economics discussed in this chapter.
Five Foundations of Economics: Incentives Trade-offs Opportunity cost Marginal thinking The principle that trade creates value
Refer to the following graph. The price of labor is $3 per unit:
How many units of labor should a firm use in order to produce 100 units of output at the least cost?
A. 15 units of labor B. 10 units of labor C. 5 units of labor D. 20 units of labor
In response to the economic downturn, the federal government enacted a fiscal stimulus bill with funding in excess of $700 billion.
Answer the following statement true (T) or false (F)