When demand is unit elastic, a change in price will cause
A) a change in total revenue in the same direction.
B) a change in total revenue in the opposite direction.
C) no change in total revenue.
D) a change in total revenue in either direction depending on whether the price is increasing or decreasing.
C
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According to the Swiss Institute for Management Development, the top country in terms of productive efficiency is
A) Germany. B) Japan. C) Switzerland. D) the United States.
Wage differentials between industries can be affected by productivity differences
Indicate whether the statement is true or false
The spillover effects of actions that affect the well-being of nonconsenting third parties are called
a. side components. b. externalities. c. free riders. d. internalizations.
In 2009, the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000 . In 2010 the population was 7,300 and real GDP of 223,380 . Over the year in question, real GDP per person in Mainland grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years. b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years. d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.