For a representative consumer, 8 tacos and 2 hamburgers generate the same utility as 4 tacos and 4 hamburgers. How many tacos must the consumer give up in order to get one more hamburger?
A) 4 B) 2 C) 6 D) None of the above
Answer: B
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High levels of inflation ________ the real value of money and, hence, ________ short-run equilibrium output.
A. reduce; increase B. increase; increase C. increase; decrease D. reduce; decrease
Refer to the information provided in Figure 25.1 below to answer the question(s) that follow.
Figure 25.1Refer to Figure 25.1. A movement from Point A to Point C can be caused by
A. an increase in the interest rate. B. a decrease in the interest rate. C. a decrease in nominal income. D. an increase in nominal income.
The longer you have to wait to receive a payment,
A) the lower the interest rate you will charge on the payment. B) the more you are willing to discount the payment. C) the greater value it will have to you. D) the less value it will have to you.
The United States is a major exporter of
a. diamonds b. bauxite c. coffee d. corn e. gold