Demand for movie rentals is highly elastic. What will happen if a video store raises the price of a rental?
(A) It could possibly gain or lose revenue.
(B) It would see no change in revenue.
(C) It will gain revenue.
(D) It will lose revenue.
Ans: (D) It will lose revenue.
Economics
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What happened to the international gold standard during WWI?
A) It flourished, since no nation trusted the other nations' currencies. B) It was abandoned. C) It did not disappear but was weakened by a major decline in international trade. D) It was relegated to government control.
Economics
Which of the following is NOT a reason why countries trade goods with one another?
a. differences in technology used in different countries b. differences in countries' total amount of resources c. the proximity of countries to one another d. differences in countries' languages and cultures
Economics