In economics, investment always refers to
A. the creation of capital.
B. an increase in per capita output.
C. increasing the quantity of labor.
D. the act of buying stocks or bonds.
Answer: A
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In the above figure, a negative relationship is demonstrated in which of the graphs?
A) Figure A B) Figure B C) Figure C D) Figure D
The most commonly used measures of elasticity are
A. income elasticity of demand and price elasticity of supply. B. price elasticity of demand and price elasticity of supply. C. cross-price elasticity of demand and cross-price elasticity of supply. D. price elasticity of demand and cross-price elasticity of supply.
Marginal revenue (MR) is ____ when total revenue is maximized
a. greater than one b. equal to one c. less than zero d. equal to zero e. equal to minus one
Tom tunes pianos in his spare time for extra income. Buyers of his service are willing to pay $155 per tuning. One particular week, Tom is willing to tune the first piano for $120, the second piano for $125, the third piano for $140, and the fourth piano for $160 . Assume Tom is rational in deciding how many pianos to tune. His producer surplus is
a. $95. b. $80. c. $75. d. $60.