Define the term "import."
What will be an ideal response?
An import is a product produced in a foreign country and purchased by residents of the home country.
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Elastic demand implies
A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded. B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded. C) that a one percent cut in price results in a larger than one percent increase in quantity demanded. D) that a one percent decrease or increase in price induces no change in total revenue.
A firm's value added is
a. the revenue it receives by selling its output b. usually not included in GDP c. the revenue it receives for its output, minus the cost of all the intermediate goods it buys d. the revenue it receives for its output, plus the cost of all the intermediate goods it buys e. the revenue it receives for its output, minus the taxes that it pays