Table 15.1Table 15.1 shows the preferred budget in millions for a new sports facility and the number of thousands of voters in a community who prefer that budget. Tom proposed a budget of $7 million while Mary proposed a budget of $2 million. This suggests that Tom will get ________ thousand votes while Mary gets ________ thousand votes.
A. 7; 36
B. 22; 21
C. 27; 16
D. 31; 12
Answer: B
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Suppose velocity is 3, real output is 9000, and the price level is 1.5. What is the level of real money demand in this economy?
A) 2000 B) 3000 C) 6000 D) 30,000
A random adverse event is an event that has a(n) ________ probability and is associated with a ________ outcome.
A) known; positive B) known; negative C) unknown; negative D) unknown; positive
"As we consume increasing amounts of a good or service, we derive diminishing utility from each additional unit consumed" defines ______________________.
Fill in the blank(s) with the appropriate word(s).
A positive effect of advertising for society is that it:
A. provides useful information to reduce search cost for consumers. B. raises barriers to entry into the industry and protects existing firms. C. creates price leadership and gives firms guidance in dealing with rivals. D. increases market share for the dominant firm in the industry.