The law of demand states that a lower price increases the amount of a commodity that people are willing to buy
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following factors are considered under "new growth theory"?
A) research B) technology C) innovation D) All of the above are correct.
In the short-run, a firm's decision to shut-down should not take into consideration
a. Avoidable costs b. Variable costs c. Fixed costs d. Marginal costs
If a bank’s assets are $500 million and its liabilities are $380 million, then its net worth (bank capital) is ____________________. If the bank’s assets then rise by 6 percent at the same time that its liabilities rise by 5 percent, the percentage change in the bank’s net worth will be approximately _______________ percent.
A. $440 million; 10.2 B. $120 million; 1.2 C. $100 million; 11.2 D. $120 million; 9.2
Which of the following examples would likely have the lowest elasticity of demand if the price of the product changed?
a. Ramon spends $5 of his weekly paycheck of $1,500 on yogurt. b. Cynthia spends $200 of her weekly paycheck of $1,000 on clothes. c. Karl spends $50 of his weekly paycheck of $1,200 on music streaming. d. Yuna spends $800 of her weekly paycheck of $2,000 on a HD television.