Which fundamental economic question is most closely related to the issues of income distribution and poverty?
A. The What to Produce question.
B. The Why to Produce question.
C. The How to Produce question.
D. The For Whom to Produce question.
Answer: D
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An investment opportunity is a sure thing; it will pay off $100 regardless of which of the three possible outcomes comes to pass. The variance of this investment opportunity:
A) is 0. B) is 1. C) is 2. D) is -1. E) cannot be determined without knowing the probabilities of each of the outcomes.
The charge that Standard Oil engaged in "predatory pricing"
a. was the driving force behind the Supreme Court's decision to break up the company. b. makes little sense from an economic perspective. c. is still subject to debate. d. All of the above are correct. e. Only b and c are correct.
A price floor that sets the price of a good above market equilibrium will cause:
a. a decrease in quantity demanded of the good. b. an increase in quantity supplied of the good. c. a surplus of the good. d. all of these.
According to monetarists, the money supply ought to be changed
a. at the discretion of the Federal Reserve Board. b. at the discretion of the president. c. at a constant annual rate, regardless of economic conditions. d. Never.