Temperature is a measure that changes from time to time and is therefore an example of a(n)
A. model.
B. causality.
C. variable.
D. empirical measure.
Answer: C
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The present value of $100 to be received in the year 2014 is
A) less than the present value of $100 to be received in 2015. B) greater than the present value of $100 to be received in 2015. C) the same as the present value of $100 to be received in 2015. D) greater than the present value of $100 to be received in 2015 if the interest rate in 2015 exceeds the interest rate in 2014; otherwise, it is less.
A tax in an efficient market:
A. increases efficiency. B. decreases total surplus. C. maximizes total surplus. D. often fails to generate revenue.
Given a consumer's indifference map, the demand curve for a good can
a. be derived by moving a consumer's budget constraint as her income falls. b. be derived by moving a consumer's budget constraint as her income rises. c. be derived by moving a consumer's budget constraint as the market price of one good changes. d. not be derived from consumer theory.
A monopoly is the single supplier of a product with no ______.
a. established price b. limit to supply c. barriers to entry d. close substitutes