If demand is unit elastic, revenue
A. and price rise and fall together.
B. rises as price falls.
C. falls as price rises.
D. remains constant as price rises or falls.
Answer: D
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Poorly timed discretionary policy can do more harm than good. Getting the timing right with fiscal policy is generally
A) far less difficult than with monetary policy. B) about the same difficulty as with monetary policy. C) less difficult than with monetary policy. D) more difficult than with monetary policy.
The table below shows the number of labor hours required to produce one gallon of wine and one pound of cheese in the United States and France. The United States has a comparative advantage in the production of Labor hours to make:In the United StatesIn France1 gallon of wine4.001.001 pound of cheese1.002.00
A. both goods. B. neither cheese nor wine. C. only cheese. D. only wine.