A graphical tool that provides a visual representation of the consequences of alternative strategies is a:
A. game tree.
B. network.
C. strategy set.
D. decision node.
Answer: A
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Suppose a local photographer increases his prices by 8 percent and quantity demanded decreases by the same percentage. This set of facts indicates that the demand for his services is
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
During the 100 years before the Revolutionary war, shipping costs were reduced by nearly:
a. 10 percent. b. 25 percent. c. 50 percent. d. 70 percent. e. Shipping costs increased during that period.
What is a mutual fund? What advantage does owning a share in a mutual fund have over owning a share of stock?
The difference between what a productive resource receives as payment for its use in production and the cost of bringing that resource into production is defined as
a. resource cost b. resource price c. rent d. MRP e. loanable funds