A variable that induces a change in another variable is a(n):
A) dependent variable.
B) independent variable.
C) codependent variable.
D) constant variable
Ans: B) independent variable.
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If there is an inverse relationship between variable x and variable y, then an increase in the value of variable x will be accompanied by
A) an increase in the value of variable y. B) a decrease in the value of variable y. C) no change in the value of variable y. D) variable y reaching its maximum value.
Assume that when the price of cantaloupes is $2.50 the demand for cantaloupes is unit-elastic, and that the demand curve for cantaloupes is linear and downward sloping. If firms lower the price of cantaloupes to $2.00 which of the following statements
can be made regarding the price elasticity of demand for cantaloupes? A) The demand for cantaloupes at $2.00 must be inelastic. B) We cannot determine whether the demand for cantaloupes is elastic or inelastic without knowing what the quantity demanded is at each price. C) The demand for cantaloupes at $2.00 must be elastic. D) The demand for cantaloupes at $2.00 must be unit elastic.
ABC Corp. is considering an investment project that costs $500 today. It expects the project will yield income of $200 at the end of years 1, 2, and 3. If the interest rate is 10%, the firm
A. should forgo the investment. B. is just indifferent between undertaking the investment and not. C. should undertake the investment. D. indeterminate from the given information
It is ________ for a corn producer in a perfectly competitive corn industry to make excess profits because entry into the corn industry is free.
A. difficult B. likely C. very easy D. expected