Price and total revenue move in inverse directions when demand is
A. unit price elastic.
B. perfectly price inelastic.
C. price inelastic.
D. price elastic.
Answer: D
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If the government wishes to increase GDP by $1,200b, and the MPC is 0.8, it should:
A. increase its spending by $240b. B. decrease its spending by $240b. C. increase its spending by $960b. D. decrease its spending by $960b.
Capital gains are ________, and capital losses are ________.
A. increases in the flow of investment; decreases in the flow of investment B. additions to plant and equipment; the destruction of plant and equipment C. increases in the flow of saving; decreases in the flow of saving D. increases in the value of existing assets; decreases in the value of existing assets
As of 2013, the world's population is approximately:
A. 7 billion. B. 5 billion. C. 10 billion. D. 1.2 trillion.
Which of the following is NOT a correct description of opportunity cost of capital?
A) It is the normal rate of return on investment. B) It is normally included in accounting costs. C) It is the income sacrificed by not investing in another firm. D) It is an implicit cost.