What did President George W. Bush and Mother Teresa have in common?
A) They each pursued projects in which they were interested.
B) They each demonstrated a burning desire to directly serve the poorest of the poor.
C) They each promoted a plan to build up the American nuclear defense system.
D) They were both well-known fans of the Dallas Cowboys.
A
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Assume that, for a particular demand curve, when price rises from $50 to $60, total revenue falls from $8,750 to $7800
a. Based on this information, what is the quantity demanded at each price. b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic? How do you know?
A price index like the CPI, which uses a fixed basket of goods from one year to the next, will tend to overstate inflation because
a. producers are likely to change the number of goods they sell from year to year. b. producers will generally reduce the quality of goods as prices increase over time. c. consumers will tend to substitute away from goods that become more expensive. d. consumers will usually reduce their consumption of goods when they become relatively cheaper.