The rule of 72 says that at 6% interest $100 should become $200 in about:
A. 7.2 years
B. 100 months
C. 12 years
D. 72 months
Answer: C
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Total revenue increases if the price of the good
A) rises and demand is elastic. B) rises and demand is inelastic. C) rises and demand is unit elastic. D) falls and supply is inelastic. E) falls and demand is unit elastic.
If a consumer purchases only two goods (X and Y ) and the demand for X is elastic, then a rise in the price of X
a. will cause total spending on good Y to rise. b. will cause total spending on good Y to fall. c. will cause total spending on good Y to remain unchanged. d. will have an indeterminate effect on total spending on good Y.
You decide that it is time to buy a big family car. The opportunity cost you consider is:
a. the cost of the car. b. the increase in comfort for your family while traveling. c. the return this money would have earned if it was invested otherwise. d. the inconvenience you and your family are bearing on account of your old car.
When a consumer shifts her purchases from product X to product Y, the marginal utility of
A) X falls and the marginal utility of Y will increase. B) both X and Y will decrease. C) X increases and the marginal utility of Y will fall. D) both X and Y will increase.