The chair of the Department of Economics at Colorado State University decided that office space is for tenured faculty and that graduate students are required to share cubicles. What method is used to allocate office space?
A) lottery
B) majority rule
C) command
D) first-come, first-served
E) sharing equally
C
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Answer the following statement(s) true (T) or false (F)
1. The term price as used in microeconomics refers to the absolute price of a commodity. 2. The relative price of bread in terms of wine is the amount of wine which can be traded in exchange for a loaf of bread. 3. When relative prices are measured in terms of dollars, the term dollar refers to currency. 4. When absolute prices are measured in terms of dollars, the term dollar refers to currency. 5. Relative prices cannot fall when absolute prices are rising.
Demand-pull inflation starts with a shift of the
A) potential GDP line leftward. B) AD curve leftward. C) AS curve leftward. D) AS curve rightward. E) AD curve rightward.
Which of the following is NOT an asset of the Federal Reserve?
A) currency B) government securities C) mortgage-backed securities D) None of the above are correct because they are all assets of the Federal Reserve.
The unfunded nature of the Social Security system has no effect on investment
a. True b. False