When demand is unit elastic, an increase in price will result in an increase in total revenue.

GDP ignores all of the following EXCEPT

A) household production. B) changes in the environment that occur in the production of output. C) the value of leisure time. D) products produced in other countries that are sold in the United States.

Consider a hypothetical economy in which only computers and shoes are produced. If two resources are being used, labor and capital, then any increase in immigration in the long run:

a. will decrease wages in the shoe industry. b. will decrease wages in the computer industry. c. will increase wages in the shoe industry. d. will keep wages constant because marginal products do not change.