Use the following graph to answer the question below.
If the price increases from P1 to P2, then the total revenue will gain areas
A. E + F + G, but it will lose area J.
B. B + E, but it will lose areas H + I + J.
C. A + B + C, but it will lose areas G + I + J.
D. C + F + H, but it will lose area J.
Answer: D
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Functional divisions
a. Make it easier to tie pay to performance b. Make it more difficult to tie pay to performance c. Break all ties between pay and performance d. None of the above
Sally, Kelly, and Debbie are roommates deciding on how many cats they want in the apartment. Sally prefers three cats to two cats to one cat, Kelly prefers two to one to three, and Debbie prefers one to two to three. If they decide by majority vote (one versus two, two versus three, and so on), how many cats will they get?
a. none b. one c. two d. three e. the answer cannot be determined from the information given
Governments can use price elasticity of demand to estimate how changes in excise tax rates will affect:
a. income. b. prices. c. tax revenues. d. government spending. e. profits.
To finance a federal budget deficit, the U.S. Treasury borrows by selling:
a. Treasury bills. b. Treasury notes. c. Treasury bonds. d. All of these.