The group of people who are willing to provide goods and services in exchange for money is called
A. producers.
B. benefactors.
C. profiteers.
D. consumers.
Answer: A
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Which of the following statements is true?
A) A budget constraint is the same for a consumer at all levels of income. B) A budget constraint is a function of the income of the consumer and not the prices of the goods and services available for consumption. C) A budget constraint quantifies the trade-offs that economic agents face while making decisions. D) A budget constraint is based on the minimum amount of money that an economic agent can spend on goods and services.
What is the impact on interest rates when the Federal Reserve decreases the money supply by selling bonds to the public?
What will be an ideal response?
A price may be sticky because
A) of monetary policy. B) of menu costs. C) of total factor productivity shocks. D) of the monetary illusion.
Which of the following statements about the concept of opportunity cost is true?
A. The opportunity cost of a decision only includes monetary outlays. B. The opportunity cost of a decision is the next best foregone alternative. C. All decisions have zero opportunity cost. D. The opportunity cost of a college education is measured by the payments for tuition and books.