Robert decides not to attend a showing of the newest Star Wars movie when the price of a ticket is $10. From this, we can conclude that seeing the movie is
A. worth less than 1,000 utils to Robert.
B. worth $8 to Robert.
C. was worth less than $10 worth of other goods for Robert.
D. something that Robert would never do.
Answer: C
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A firm that conducts business all over the world is called a(n)
A. multinational corporation. B. international conglomerate. C. competitive corporation. D. government-owned business.
If the price of salt increases and the quantity demanded does not change, then
A) the price elasticity of demand is equal to zero. B) demand is perfectly inelastic. C) the demand curve for salt is horizontal. D) Both answers A and B are correct.
The steepness of the aggregate supply curve depends on the:
a. rate of inflation in the economy. b. change in relative prices of commodities. c. substitutability of the inputs used in producing various goods and services. d. ability of the producers to respond to price-level changes in the short run. e. the market rate of interest.
Answer the following statements true (T) or false (F)
1. Monetarists argue that the Fed reduces fluctuations in economic activity and the price level. 2. The Fed chairman appears before Congress semi-annually to present the Monetary Policy Report. 3. The Fed used the Term Auction Facility in 2008 to aid bond dealers. 4. The Reigle-Neal Act was passed by Congress in 1932 to regulate banking. 5. Branch banking can now be carried out regionally and even nationally.