Figure 4.3 illustrates the demand for tacos. An increase in the number of consumers in the market would bring about a movement from
A) point a to point b. B) point c to point a. C) D2 to D1. D) D0 to D2.
D
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There are two divorce laws, A and B. Under A, it takes only one person to agree to a divorce and the divorce is granted. Under B, it takes two persons to agree to a divorce before it is granted. According to Coase,
A. there will be the same number of divorces under both laws if transaction costs are zero. B. there will be more divorces under law A. C. there will be more divorces under law B. D. taxes should be imposed on those parties who seek divorces. E. subsidies should be granted to those persons who unwillingly get divorces.
The value of a dollar varies
A) inversely with the price of gold. B) inversely with the price level. C) directly with the price level. D) directly with the purchasing power of other major currencies.
Economic profit is
A) revenue - variable costs + fixed costs. B) revenue + variable costs - fixed costs. C) revenue - variable costs - fixed costs. D) revenue/cost of capital.
How did the Fed combat the Great Recession?
a. It kept the target rate stable for three years and then increased it to 5 percent. b. It increased the target rate from 1 percent to 5 percent, where it stayed for three years. c. It reduced the target rate from 5 percent to close to zero, where it stayed for seven years. d. It kept the target rate stable for seven years and then reduced it to close to zero percent.