If you transfer all of your currency to your checking account, then initially, M1 will ________ and M2 will ________
A) not change; not change B) decrease; increase
C) increase; not change D) not change; increase
A
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In the table above, if Brent maximizes his utility by consuming 3 bags of popcorn and 3 bottles of soda, then the ratio of the price of popcorn to the price of soda is expected to be
A) 1/2. B) 5/6. C) 6/5. D) 2.
The price of a pound of sirloin steak is five times the price of a pound of ground beef. You are not in consumer equilibrium unless: a. you consume five times as much ground beef as you do sirloin steak
b. you consume five times as much sirloin steak as you do ground beef. c. the total utility you derive from consuming sirloin steak is five times the total utility you derive from consuming ground beef. d. your marginal utility from the last pound of sirloin steak consumed is five times that of the last pound of ground beef consumed.
Adam Smith's theory of the invisible hand posits the actions of independent, self-interested buyers and sellers will ________ lead to the most efficient allocation of resources.
A. rarely B. always C. often D. never
What was the rationale the United States used to justify imposing tariffs of 25 percent on imports of steel and 10 percent on imports of aluminum in 2018?
A. The U.S. Department of Commerce found that imports of steel and aluminum threatened United States national security. B. The United States government wanted to protect the steel and aluminum industries until firms in those industries achieved lower production costs associated with scale economies. C. The tariffs on steel and aluminum were in retaliation for China and Mexico imposing tariffs on U.S. exports of pork and other products to those countries. D. The United States government determined that China, a major exporter of steel and aluminum to the United States, was able to charge a lower price in the U.S. market because of government subsidies provided to Chinese steel and aluminum producers.