If seller increases the price of the good and the total revenue increases, this implies that the demand for the product is inelastic.
Answer the following statement true (T) or false (F)
True
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Suppose that the European Central Bank conducts a main refinancing sale. Everything else held constant, this would cause the demand for U.S. assets to ________ and the U.S. dollar will ________
A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate
Which of the following is NOT a direct indicator of a society's well-being?
a. Changes in average height b. Changes in life expectancy c. Changes in average weight d. Stock of nuclear weapons
If a seller lowers the price of a product when demand is price inelastic, the seller can expect revenues to
A) rise. B) fall. C) stay the same. D) either rise or fall, but it is impossible to determine which.
Which of the following statements about medical care spending is true?
A. Medical expenses among the elderly tend to be higher than medical expenses among the middle-aged. B. Medical expenses among the elderly have been rising faster than medical expenses among the young. C. Medical care is an inferior good because people spend less on medical care as their income rises. D. Most medical care expenses are paid out-of-pocket rather than by insurance companies or the government.