If the short run elasticity of demand for widgets is 0.7 and the long run elasticity of demand for widgets is 1.5, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run.
a. Increase; increase
b. Increase; decrease.
c. Decrease; increase.
d. Decrease; decrease.
b
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In Econland population and average labor productivity are constant. If a larger proportion of the population enters retirement, then total output will ________ and output per person will ________.
A. decrease; decrease B. remain constant; remain constant C. increase; increase D. decrease; remain constant
A local charity has decided to solicit donations door-to-door. The table below shows estimated donations for each hour a volunteer spends in the city, in the suburbs, and on campus. 
Given the above information, how should a volunteer allocate 10 hours in order to maximize the amount of total donations?
A. 4 hours in the city, 3 hours in the suburbs, 3 hours on campus B. 5 hours in the city, 4 hours in the suburbs, 1 hours on campus C. 6 hours in the city, 4 hours in the suburbs, 0 hours on campus D. 3 hours in the city, 4 hours in the suburbs, 3 hours on campus
The simple circular flow of income shows that the total income in an economy equals
A. total profits earned by firms. B. total expenditures. C. the total amount of money supplied by the government. D. all taxes paid by households.
When Carvana sold stock to the public in its IPO, it did so through the New York Stock Exchange. People who bought the shares
A) were promised to be repaid their investment plus interest. B) did so in the indirect finance market. C) own part of the company. D) All of the above are true.