Scarcity affects
A) only rich people.
B) only poor people.
C) only middle income people.
D) all people.
D
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If you want to earn a real interest rate of 3% on money you lend, and you expect that inflation will be 2%, what nominal rate of interest will you charge?
A) 1% B) 5% C) 6% D) 9%
Someone who committed the association-is-causation fallacy might conclude that
a. event B, which follows event A, was caused by the event A b. event B, which follows event A, was not necessarily caused by event A c. the simplest model is the best predictor d. what is true for the individual is also true for the group e. what is true for the individual is not necessarily true for the group
All of the following are examples of barriers to entry, except one. Which is the exception?
a. significant economies of scale b. reputation of established firms c. special deals with distributors d. excessive prices e. patents
Inflation
A) is a continuing decline in the general level of prices of goods and services. B) implies that the number of people unemployed has risen. C) reduces the purchasing power of the dollar. D) is an increase in the price of a single good or service.