The price system
A. is old fashioned and is no longer used.
B. is used by the government to maintain stable supply of goods.
C. is the voluntary exchange system.
D. is used only in countries that are developing.
Answer: C
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If a study shows that two goods have a high negative cross elasticity of demand value, then the two goods are competing in the same market.
Answer the following statement true (T) or false (F)
Suppose the real money demand function is Md/P = 2400 + 0.2Y - 10,000 (r + ?e). Assume M = 5000, P = 2.0, and ?e = .03. If Y were to increase from 4000 to 5000, then the real interest rate would increase by how many percentage points?
A) 2 B) 4 C) 5 D) 7
The supply curve for milk
a. shifts when the price of milk changes because the price of milk is measured on the vertical axis of the graph. b. does not shift when the price of milk changes because the price of milk is measured on the vertical axis of the graph. c. does not shift when the price of milk changes because the price of milk is measured on the horizontal axis of the graph. d. shifts when the price of milk changes because the quantity supplied of milk is measured on the horizontal axis of the graph.
The success of the SMarT program has proven that changing the way we present options can:
A. affect people's behavior. B. help people overcome mental biases. C. avoid regret. D. All of these statements are true.