If the demand for ptyalin is unit elastic, then
a. total revenue decreases as quantity demanded increases
b. total revenue increases as quantity demanded increases
c. total revenue increases as price increases
d. total revenue remains constant as price increases
e. total revenue decreases as price increases
D
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Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 60 people employed; 20 people not in the labor force. How many people are in the economy's labor force?
A) 20 B) 40 C) 60 D) 80 E) 100
(Consider This) Which of the following methods is commonly used by farmers to "smooth" income over time?
A. Producing only one crop to benefit from specialization. B. Renting land from other farmers to increase production. C. Entering contracts with buyers of their farm output to assure themselves of a fixed price. D. All of these risk-management techniques are used to hedge against short-run price and output fluctuations.