Commodities that last less than three years and may be consumed very quickly are called:
A) durable goods
B) nondurable goods
C) services
D) none of the above
B
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The U.S. dollar is called
A) frail money because wear and tear ruins paper bills. B) convertible money because the government stands ready to convert it into gold or silver. C) fiat money because the law decrees it is money. D) faith money. E) commodity money, because it is convertible into gold.
If potential GDP for the first quarter of 2013 = $75.8 billion, nominal GDP for the first quarter of 2013 = $80.3 billion, and the GDP deflator = 109, then the output gap was
A) 2.8%. B) 4.7%. C) 5.6%. D) 5.9%.
Resource pricing is important because:
A. resource prices are a major determinant of money incomes. B. resource prices allocate scarce resources among alternative uses. C. resource prices, along with resource productivity, are important to firms in minimizing their costs. D. of all of these reasons.
Figure 9.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. If buyers believe that 50% of the used bikes are lemons (low quality), how much will they be willing to pay for a used bike?
A. $50 B. $80 C. $125 D. $200