If V is constant and Y is fixed, any change in M
A) leads to a smaller change in P. B) leads to a proportionate change in P.
C) leads to a larger change in P. D) does not lead to change in P.
B
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Suppose that you borrow $10,000 for one year, and at the end of the year, you must repay $10,450. The interest rate is
A) 14.5 percent. B) 8.0 percent. C) 4.5 percent. D) 2.7 percent.
Scarcity is best defined as
a. unlimited resources b. a shortage -- when buyers cannot obtain the goods they want c. a surplus -- when sellers cannot sell the goods they produce d. insufficient resources to satisfy unlimited wants e. the private ownership of society's resources
Select the letter of the diagram in Figure 28.1 that best represents the effect of each event on the United States wheat market, ceteris paribus: The federal government decides to no longer purchase wheat from farmers. (See Figure 29.4.)
A. a. B. b. C. c. D. d.
The airline industry is a good example of a monopolistically competitive industry.
Answer the following statement true (T) or false (F)