Inflation makes money an imperfect store of value
Indicate whether the statement is true or false
TRUE
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Refer to the above table. At a price of $450, there is an
A) equilibrium. B) excess quantity supplied of 4,000 tablets. C) excess quantity demanded of 6,000 tablets. D) excess quantity demanded of 9,000 tablets.
Assume that you allocate your income to calzones and juice and that you have not yet spent your entire budget. If the marginal utility of a fourth calzone is 100 and the marginal utility of a third glass of juice is 50, you would
a. eat a fourth calzone because it has a higher marginal utility b. drink a third glass of juice because you've had less juice c. consider the total utility received so far from calzones and juice before deciding what to consume next d. consider the relative prices of calzones and juice before deciding what to consume next e. consider whether or not marginal utility is diminishing before deciding what to consume next
Cost-push inflation is inflation caused by
a. a decrease in aggregate demand b. a decrease in aggregate demand and an increase in aggregate supply c. a shortage of all goods d. an increase in aggregate supply e. a decrease in aggregate supply
The economic profit earned by a firm is calculated by subtracting explicit costs from total revenue
a. True b. False Indicate whether the statement is true or false