According to the accompanying table, Julia has the absolute advantage in making: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. both pies and cakes.
B. neither pies nor cakes.
C. cakes.
D. pies.
Answer: A
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When the price of Gatorade is $2 per bottle, the quantity demanded is 500 bottles per at the local grocer. When the price falls to $1 per bottle, the quantity demanded increases to 1000. Given this information, the demand for Gatorade is
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic.
________ are short-term loans in which Treasury bills serve as collateral
A) Repurchase agreements B) Negotiable certificates of deposit C) Federal funds D) U.S. government agency securities
Because money __________________, people are _________________ likely to specialize in their work in a money economy
A) is a store of value; less B) eliminates the double coincidence of wants; more C) is a unit of account; more D) eliminates the need for holdings of precious metals; more
The monopolist and the perfect competitor are similar in that
A. both operate at peak efficiency. B. both can make a profit in the long run. C. both types of markets have no barriers to entry. D. both try to maximize profits.