At a price of $11, quantity demanded is 90; and at a price of $9, quantity demanded is 110. Since total revenue ________ by the price decrease, demand must be ________.
A. is decreased; inelastic
B. is unchanged; elastic
C. is increased; elastic
D. is unchanged; unit elastic
Answer: D
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Suppose an airline ticket from Portland to Orlando costs $760 . A bus ticket costs $360 . Traveling by plane will take 6 hours, compared with 26 hours by bus. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be
a. $18 per hour. b. $20 per hour. c. $38 per hour. d. $44 per hour.
The factors of production include all of the following EXCEPT:
A.) Money. B.) Land. C.) Labor. D.) Entrepreneurship.
Which of the following does not meet the economic definition of saving?
A. A graduate assistant spends all of his income on tuition B. A student deposits money in her savings account C. A professor spends less than he makes each month D.The president's secretary puts cash under her mattress
The notion that the value of money is determined by the overall quantity of money in existence is known as the:
A. money quantity theory. B. quantity theory of money. C. price level theory. D. level theory of prices.