If the price of leather (an input for leather shoes) increases, the equilibrium price of leather shoes will increase and the equilibrium quantity of leather shoes will decrease
a. True
b. False
A
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The idea that a voting scheme cannot be devised that respects individual preferences and gives consistent, nonarbitrary results is known as
A. the impossibility theorem. B. Samuelson's theory. C. the independence of irrelevant alternatives. D. logrolling.
If Big Dogs, a hot dog producer, purchases delivery trucks to deliver their hot dogs to local grocery stores, this is an example of ________.
A) outsourcing B) forward integration C) backward integration D) divestiture
Using the quantity equation, the demand for money can be expressed as
A) M=(V x Y)÷P. B) M =(P x Y)÷V. C) M = (P x V) ÷ Y. D) M x V=(1/P)V x Y.
In the United States, the Federal Reserve is asked to:
A. deliver price stability as one of a number of objectives. B. meet a specific target for unemployment each year. C. deliver on a specific inflation target set by Congress. D. meet an explicit target for economic growth.