Along the elastic range of a demand curve, a price change causes:
a. a change in total revenue in the opposite direction.
b. a change in total revenue in the same direction.
c. no change in total revenue.
d. an unpredictable change in the total revenue.
a
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The nominal value of GDP is:
a. expressed in monetary values adjusted for inflation b. expressed in monetary values that are not adjusted for inflation. c. expressed in numeric values that does not correlate to a monetary term. d. expressed as a ratio between the value of consumption expenditure and the value of investment expenditure.
Which of the following statements about models is correct?
a. The more details a model includes, the better the model. b. Models assume away irrelevant details. c. Models cannot be used to explain how the economy functions. d. Models cannot be used to make predictions.