Choosing not to attend a concert so that you can study for your exam is an example of a tradeoff
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the nominal interest rate on a savings bond is 7 percent a year and the inflation rate is 4.5 percent a year. How much is the real interest rate?
A) 4.5 percent B) 1.56 percent C) 2.5 percent D) 7 percent E) 11.5 percent
A decrease in the price of eggs from $1.50 to $1.30 per dozen resulted in an increase in egg purchases in two cities
In Philadelphia, daily egg purchases increased from 6000 to 8000 dozens; in nearby Dover, Delaware, daily egg purchases increased from 300 to 400 dozens. The price elasticity of demand is therefore A) lower in the smaller city as would be expected. B) greater in the smaller city as would be expected. C) certainly affected by population differences in different markets. D) the same in Philadelphia as in Dover.
The short-run aggregate supply curve slopes upward because: a. firms normally can purchase some inputs at prices that are temporarily fixed in the short run. b. firms seek maximum profits and always try to increase output in the short run
c. firms purchase inputs that increase in price as the price level rises in the short run. d. All of the above are correct.
In the market for loanable dollars, an increase in the profitability of investments overall will be revealed in
A. a decrease in the demand for loanable dollars. B. an increase in the supply of loanable dollars. C. an increase in the demand for loanable dollars. D. a decrease in the supply of loanable dollars.