The economic system characterized by private ownership of resources and by markets is:
A. capitalism.
B. communism.
C. fascism.
D. socialism.
Answer: A
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Dusty Rags, Inc provides janitorial services to retail stores. Dusty had been charging $10 per hour and selling 400 hours of service per week at that rate. When he raised his price to $15 per hour, his customers cut back to 300 weekly hours of service. Which of the following is true?
a. Revenue went from $4,000 per week to $4,500 per week, indicating that the demand curve for his services must have shifted to the right. b. Revenue went from $4,000 per week to $4,500 per week, indicating that the demand for his services must be elastic. c. Revenue went from $4,000 per week to $4,500 per week, indicating that the demand for his services must be inelastic. d. Revenue went from $400 to $300 per week, indicating that demand must be elastic. e. Revenue went from $10 to $15 per week, indicating that demand must be inelastic.
In the monetary equation of exchange, MV = PQ, P stands for
a. total price. b. average price. c. purchases. d. the Producer Price Index.
The option holder is:
A. the buyer of an option. B. always a speculator. C. another name for the clearinghouse used in futures contracts. D. the seller of an option.
A decline in investment will shift the AD curve to the:
A. left by a multiple of the change in investment. B. left by the same amount as the change in investment. C. right by the same amount as the change in investment. D. right by a multiple of the change in investment.