A decrease in the price of electricity can best be explained by
A. Abnormally cold winters and hot summers.
B. The increased use of electronic devices such as computers.
C. A decrease in the population.
D. A growing economy.
Answer: C
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The quantity theory of money implies that:
A) inflation is equal to the gap between the growth rate of money supply and the current real interest rates. B) inflation is equal to the gap between the growth rate of money supply and the growth rate of nominal GDP. C) inflation is equal to the gap between the growth rate of money supply and the current nominal interest rates. D) inflation is equal to the gap between the growth rate of money supply and the growth rate of real GDP.
A risk-neutral individual is offered a gamble that promises a gain of $1000 with probability 0.25 and a loss of $300 with probability 0.75 . Given this situation, he or she will: a. definitely take the gamble
b. definitely not take the gamble. c. definitely take the gamble if his or her income is high enough. d. take an action that cannot be determined given the information available.
An example of an excludable good or service is:
A. national defense. B. a public park. C. ice cream. D. air.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Amy should specialize in producing
A. both cheese and cars. B. cheese. C. neither cheese nor cars. D. cars.