The utility that people experience from the consumption of a good depends on
A. their income level.
B. total sales of the good.
C. their tastes and preferences.
D. how much shopping time they spent obtaining the good.
Answer: C
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Suppose a price index is formed to measure changes in the price level between 2005 to 2010. To form a Laspeyres price index, one would
a. compare the cost of the typical basket of goods purchased in 2005 with the cost of the typical basket of goods purchased in 2010. b. calculate the increase in the cost of the typical market basket purchased in 2005. c. calculate the increase in the cost of the typical market basket purchased in 2010. d. take the typical basket of goods purchased in 2007, and compare the costs of that basket in 2005 and 2010.
An asset is said to be riskless if:
A) it can be easily converted into cash. B) its value does not change from day to day. C) its value is more likely to fall in future. D) it offers a positive rate of interest.
The net exports effect is the ____ relationship between net exports and the price level of an economy.
A. inverse B. independent C. direct D. linear
Cyclical unemployment is caused by
A. technological change. B. predictable shifts in production associated with different seasons. C. a dynamic economy in which people want to switch jobs sometimes. D. changes in an economy's overall condition.