The intuition behind the budget constraint is that
A) more options are preferred to less.
B) money is the root of all happiness.
C) information is power.
D) scarcity is avoidable with prosperity.
A
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The price elasticity of demand for a specific model of a luxury car is likely to be
A) elastic. B) inelastic. C) 0. D) infinite.
A closed economy is an economy that:
A. does not interact with other economies. B. publishes its financial information to the public. C. collects tax revenue. D. has free trade relationship with other countries.
Keynesian economists see the quantity theory of money as proof that money cannot influence how much we produce, but does influence the prices of the goods we produce
Indicate whether the statement is true or false
A shift in the demand curve for sailboats resulting from an increase in incomes will lead to
a. higher prices of sailboats. b. lower prices of sailboats. c. a corresponding shift in the supply curve for sailboats. d. lower output of sailboats. e. no change in the price of sailboats.