If $1,000 is placed in an account earning 8% annually, the balance at the end of seven years will be
A) $1,080.
B) $1,560.
C) $2,000.
D) $1,714.
D
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If Bella's Pizza, a local pizzeria, purchases canned tomatoes from a grocery store to make their pizza sauce, this is an example of ________.
A) forward integration B) backward integration C) outsourcing D) using a spot market
In the above table, the marginal propensity to save when disposable income changes from $1,000 to $2,000 is
A) 0.1. B) 0.2. C) 0.8. D) -0.2.
If the income elasticity of a good is negative, say –1.8, we can infer that the good is a(n)
a. luxury good, such as holiday travel b. substitute good, such as Pepsi, with Coke available c. complementary good, such as Pepsi, with a candy bar available d. inferior good, such as a non-color televison e. essential good, such as food
Scarcity forces us to
a. limit our wants b. expand our resources c. produce more than we consume d. produce whatever we consume e. choose