Refer to Figure 9.3. The firm's profit it represented by what area?
A. AHID
B. ABCD
C. DCK0
D. EFG0
B. ABCD
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In which model does there exist a tradeoff between higher inflation and lower unemployment?
a. monetarist b. real business cycle. c. new classical d. a and b. e. a tradeoff exists in all of the above.
If the price of apples decreases by 2 percent and causes apple consumption to increase by 4 percent, the price elasticity of demand is ____, indicating the demand is ____
a. 2; elastic b. 2; inelastic c. 0.5; elastic d. 0.5; inelastic
Your textbook costs $100 and the college snack shop sells ice cream for $1. Which of the following statements is true for most people?
A. You would be indifferent between a bookstore sale of 1% off on your text and one free ice cream in the snack shop. B. Because people are very different there is no general principle that can be suggested regarding the satisfaction people get in these situations. C. Most people will get greater satisfaction from the bookstore sale than from the snack shop giveaway. D. Most people will get greater satisfaction from the snack shop giveaway than from the bookstore sale.
If, in the market for money, the amount of money supplied exceeds the amount of money households and businesses want to hold, the interest rate will:
A. fall, causing households and businesses to hold less money. B. rise, causing households and businesses to hold less money. C. rise, causing households and businesses to hold more money. D. fall, causing households and businesses to hold more money.