Which of the following would likely take the longest time to enact?
A) Federal government fiscal policy that strives for a balanced budget
B) The Fed's lowering of the discount rate
C) The Fed's raising of the discount rate
D) The Fed's engagement in open market operations
A
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Which of the following is an example of a consumption expenditure?
A) the purchase of a ticket to a New Orleans Saints game B) the salary paid to the mayor of Denver C) the construction of a new public library D) the purchase of a new fire truck
The demand curve for the output of a perfectly competitive firm is
a. perfectly inelastic b. perfectly elastic c. unit elastic d. downward sloping e. nonlinear
The more narrowly a good is defined, the
a. easier it is to find substitutes, and the less price-elastic is the demand b. easier it is to find substitutes, and the more price-elastic is the demand c. more difficult it is to find substitutes, and the less price-elastic is the demand d. more difficult it is to find substitutes, and the more price-elastic is the demand e. more difficult it is to find substitutes, but this has no impact on the price elasticity of demand
Exhibit 6-5 Marginal utility data for desserts Quantity Brownies Ice Cream Pie 1 20 18 16 2 18 17 13 3 15 14 9 4 12 11 7 5 10 8 5 Refer to Exhibit 6-5. Each dessert is priced at $1. If you had $10 to spend on desserts, which of the following combinations of goods would you buy?
A. 5 units of brownies, 4 units of ice cream, and 1 unit of pie. B. 4 units of brownies, 5 units of ice cream, and 1 unit of pie. C. 4 units of brownies, 4 units of ice cream, and 2 units of pie. D. 4 units of brownies, 3 units of ice cream, and 3 units of pie.