Suppose a change takes place and the new equilibrium is at point A in the above figure. This change could have been caused by
A) an increase in the per-unit tax on CDs.
B) a decrease in the income of consumers.
C) a reduction in the wages paid to workers in the CD industry.
D) a reduction in the price of CD players.
A
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Which of the following is true of the rule of 72?
a. The rule of 72 is used to approximate annual real GDP. b. The rule of 72 determines the time required for any value to double if it grows at a constant annual rate. c. The rule of 72 is used to calculate the number of years it takes for any quantity to treble in size. d. The rule of 72 refers to the fact that real GDP doubles every 6 years. e. The rule of 72 refers to the fact that capital growth has consistently contributed 72 percent to the U.S. real GDP.
Which of the following is a source of information that helps consumers acquire information about the quality of a good or service?
a. brand names b. franchising c. consumer ratings magazines d. all of the above