In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea(s) of
A. scarcity and opportunity costs.
B. complementary economic goals.
C. full production.
D. money and real capital.
Answer: A
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Suppose the absolute value of the price elasticity of demand for meals at Fortune Buffet House is ?. What happens to sales revenue if the restaurant increases its price by 5 percent?
A) Sales revenue falls by less than 5 percent. B) Sales revenue remains unchanged. C) Sales revenue falls by 100 percent. D) It cannot be determined without information on prices.
Refer to the information provided in Figure 11.1 below to answer the question(s) that follow. 
Figure 11.1 Refer to Figure 11.1. If the market rate of interest is 5%, this firm's investment will total
A. $5,000. B. $8,000. C. $15,000. D. $27,000.
The theory of consumer demand
a. can be used to explain how an individual allocates time between two competing uses b. is valid only for choices among various physical goods c. is valid only for goods and services purchased for cash d. is valid only if consumers are perfectly rational e. can explain the demand for normal goods, but not the demand for inferior goods
Prior to the Great Depression, most economists believed that a recessionary downturn would be reversed by
a. higher wages that would stimulate aggregate demand and reduce unemployment. b. lower wages that would increase the quantity of labor demanded and reduce unemployment. c. an expansionary monetary policy on the part of the Federal Reserve System. d. an increase in government spending that would stimulate aggregate demand and employment.