Overall, U. S. citizens and foreign-born residents embrace change that promises overall growth. This is evidenced by which of the following?
(a) Innovation
(b) The growth of new industries and the demise of others
(c) Population migration from one part of the U.S. to another
(d) All of the above
(d)
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Suppose you notice that when a particular firm raised the price of its product, its total revenue also increased. What does this imply about the price elasticity of demand for this firm’s product and wha factors may be influencing the elasticity?
If income elasticity of demand for food is 1.55 it follows that
A) a 10 percent rise in the price of food lowers the quantity demanded of food by 15.5 percent. B) if income rises by 10 percent, consumption of food rises by 15.5 percent. C) if income rises by 10 percent, consumption of food falls by 15.5 percent. D) a 1 percent rise in the price of food decreases the quantity demanded of food by 1.55 percent. E) none of the above
Assume the graph shown reflects demand in the automobile market. Which arrow best captures the impact of increased consumer income on the automobile market?
A. A B. B C. C D. D
As a possible approach to eliminating the government budget deficit, increasing taxes on the rich only would
A) not lead to a significant increase in tax revenues. B) lead to a significant increase in tax revenues. C) lead to an increase in real GDP. D) lead to a greater number of entitlements.