The increase in world oil prices during the 1970s was
a. the result of depletion of world reserves of oil.
b. artificially created by OPEC.
c. the result of extremely high growth rates in industrialized countries.
d. fully reversed by 1982.
b
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The XYZ Company has estimated expected cash flows for 1996 to be as follows:
Probability Cash flow .10 $120,000 .15 140,000 .50 150,000 .15 180,000 .10 210,000 Calculate: a. expected value b. standard deviation c. coefficient of variation d. the probability that the cash flow will be less than $100,000
The income elasticity of demand _____
a. must be negative because of the law of diminishing marginal utility b. could be positive, negative or zero, depending on the nature of the good c. must be positive for all goods because consumers tend to buy more at higher incomes d. is usually zero because "you can only have so much" e. can never be zero