The economic philosophy that favors strict limits on imports and strong support for exports is called

An early frost in the vineyards of Napa Valley would cause a(n)

a. increase in the demand for wine, increasing price. b. increase in the supply of wine, decreasing price. c. decrease in the demand for wine, decreasing price. d. decrease in the supply of wine, increasing price.

When the percentage change in price is greater than the resulting percentage change in quantity demanded:

A. a decrease in price will increase total revenue. B. demand may be either elastic or inelastic. C. an increase in price will increase total revenue. D. demand is elastic.