In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. This change will
A) add to GDP.
B) only change GDP if the development occurs within the borders of the United States.
C) take away from GDP.
D) not change GDP.
A
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If the absolute price elasticity of demand for a product is less than 1, then
A. consumers are relatively sensitive to price changes. B. consumers are relatively insensitive to price changes. C. there is a positive relationship between price changes and total revenue. D. producers are relatively insensitive to price changes.
A university raises annual tuition by 10 percent. No other events have occurred, and the university's revenues have increased. It must be TRUE that
A. there was no associated change in quantity demanded. B. the associated change in quantity demanded was greater than 10 percent. C. the associated change in quantity demanded was smaller than 10 percent. D. the associated change in quantity demanded was equal to 10 percent.