Questions of exactly where to draw the line on government interference in the economy
A. are best answered by non-economists.
B. can be answered easily using the tools of economics.
C. are the subject of intense political debate.
D. can only be answered through a democratic process.
Answer: C
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Refer to the scenario above. If Frank discounts delayed utilities with a weight of 8/10, then which of the following statements is true?
A) He will consume both hotdogs and ice cream. B) He will consume hotdogs but will avoid consuming ice cream. C) He will consume ice cream but will avoid consuming hotdogs. D) He will avoid consuming both hotdogs and ice cream.
If a good is produced using inputs for which there are no substitutes, the good's
A) elasticity of supply is likely to be small. B) elasticity of supply is likely to be large. C) elasticity of demand will be small. D) elasticity of demand will be large.
Assume that at the current level of output produced by a perfectly competitive firm, MR = $7.50 and MC = $6. In order to maximize its profit, the firm should increase output
Indicate whether the statement is true or false
Over a year, the money supply in a nation grew by 8 percent, while velocity rose by 2 percent and real GDP rose by 3 percent. This results in an inflation over the year of ________ percent
A) 7 B) 9 C) 13 D) 3