Using the Rule of 72, how long will it take something growing at 1% per year to double?
A. 720 years
B. 50 years
C. 72 years
D. 100 years
Answer: C
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Which of the following statements is true?
A) Network effects arise because of economies of scale. B) Economies of scale arise because of network effects. C) Economies of scale act as barriers to entry into a market. D) Network effects provide incentives to new sellers to enter the market.
If demand is unit elastic, then
A) a ten percent increase in price leads to a one percent decrease in quantity demanded. B) the unit change in quantity demanded equals the unit change in price. C) a two percent increase in price leads to a two percent decrease in quantity demanded. D) an increase in price of any amount leads to quantity demanded falling to zero.
An improvement in technology will cause the
A. economy to move down the production possibility frontier. B. production possibility frontier to shift inward. C. production possibility frontier to shift outward. D. economy to move closer to its production possibility frontier.
The U.S. antitrust laws
A. promote competition. B. are outdated and rarely used anymore. C. aid monopolies in their quest to dominate the market for a good or service. D. are administered by the Department of Commerce.