If demand is price inelastic, a decrease in price
a. raises total revenue to the seller
b. raises total expenditure on the good, but not total revenue to the seller
c. reduces total revenue to the seller
d. leaves total revenue to the seller unchanged
e. leaves total expenditure on the good unchanged
C
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Explain why the production possibilities frontier bows outward
What will be an ideal response?
To follow an outward-oriented strategy, a country that has scarce natural resources and abundant labor supplies should _____
a. export primary goods and import manufactured products b. export manufactured goods and impose import restrictions on primary goods c. export both primary and manufactured products d. export primary goods and impose trade restrictions on manufactured goods e. export manufactured products and import primary goods