The price-elasticity coefficients are 2.6, 0.5, 1.4, and 0.18 for four different demand schedules D1, D2, D3, and D4, respectively. A 2 percent increase in price will result in an increase in total revenues in which of the following cases:
A. D1 and D3
B. D1 and D4
C. D2 and D4
D. D1, D2, and D3
C. D2 and D4
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If you like Oreos more than Chips Ahoy but like Nutter Butters more than Oreos, by the property of transitivity you like
A. Oreos more than Nutter Butters. B. Nutter Butters more than Chips Ahoy. C. Chips Ahoy more than Nutter Butters. D. Nutter Butters more than Oreos.
If the economy were experiencing a recession, which of the following would Keynes be in favor of?
A. Households should save less and consume more goods and services. B. The government should increase taxes to balance its budget during a recession. C. Businesses should decrease spending on new equipment until the economy improves. D. The government should discourage companies from exporting goods to foreign countries while people at home are unable to buy basic necessities.
Which of the following statements is FALSE?
A) A good with a vertical demand curve has a perfectly inelastic demand. B) A good with a straight line, downward sloping demand curve has a demand whose elasticity is constant. C) A good with a horizontal demand curve has a perfectly elastic demand. D) All of the above statements are false.
A trend is a general tendency for a variable to increase or decrease over time
Indicate whether the statement is true or false