If the price of rocket fuel imported from Russia and used by NASA suddenly increases, then the U.S. CPI will ________ and the U.S. GDP deflator will ________
A) increase; not change
B) increase; increase by more than the CPI
C) not change; increase
D) increase; increase
E) not change; not change
E
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If a firm has invented a new cancer drug, the firm would seek which of the following to protect their intellectual property?
A) a patent B) a trademark C) a trade secret D) a copyright
The demand for money for which the purpose is making unexpected purchases or meeting emergencies is considered to be part of
A) precautionary demand. B) transactions demand. C) asset demand. D) savings demand.
Explain why a price ceiling, when applied to a market, inevitably generates chronic excess demand for the good
The opportunity cost of current household consumption is the
a. wage rate. b. market interest rate. c. price of the goods consumed. d. explicit cost of consumption.