An asset such as your house is really
a. M1 money
b. M2 and fiat money
c. M3 money
d. near money
e. not money
E
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One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
A) the price of the good changes. B) the cost of producing the good changes. C) prices of substitutes in production change. D) supplier expectations about future prices change.
Joseph has the utility function U(F,H) = 10F2H, where F is the quantity of food he consumes per year and H is the quantity of housing per week. Suppose the price of food is $10 and the price of housing is $5, while Joseph has an income of $150/week
a. Calculate Joseph's MRS as a function of the quantities F and H. b. Write out Joseph's constrained optimization problem with the information provide d. c. Using the substitution method, solve for Joseph's optimal consumption bundle of food and housing. d. Show that at the optimum, Joseph consumes the bundle along the budget constraint where MRS = MRT.
The term net exports refers to:
a. the situation in which a country's exports exceed its imports. b. the situation in which a country's imports exceed its exports. c. the shortages that result when a country imposes a price ceiling. d. the shortages that result when a country imposes a price floor. e. the difference between the value of exports and the value of imports.
At potential GDP...
What will be an ideal response?