On a straight line demand curve, total revenue is maximized where demand is unitary elastic.
Answer the following statement true (T) or false (F)
True
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John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517The first hour John spends cleaning windows costs him ________ that he could have earned in the grocery store.
A. $18 B. $14 C. $2 D. $7
In a small, agricultural nation, consumers buy only steak and potatoes. In 2009, the base year, the typical consumer spent $potatoes on strawberries and $100 on steak. The price of potatoes is $1 and the price of steak is $2 in 2009
In 2009, the price of potatoes is $2 and the price of steak is $1. The CPI for 2010 is A) 80. B) 125. C) 100. D) 110. E) 25 percent.
Relative to the yen, from 2012-2014 the U.S. dollar
A) depreciated due to an anticipated decrease in the interest rate differential and expectations of a lower future exchange rate. B) appreciated due to an anticipated decrease in the interest rate differential and expectations of a lower future exchange rate. C) depreciated due to an anticipated increase in the interest rate differential and expectations of a higher future exchange rate. D) appreciated due to an anticipated increase in the interest rate differential and expectations of a higher future exchange rate.
Subject to the approval of the Board of Governors, the decision of choosing the president of a district Federal Reserve Bank is made by
A) all nine district bank directors. B) the six district bank directors elected by the member banks. C) three district bank directors who are professional bankers. D) district bank directors who are not professional bankers. E) class A and class B directors.