One reason a gift card might be less desirable than cash?
A) A gift card requires an individual to purchase from a particular store, which restricts the choice set.
B) Cash requires an individual to purchase from a particular country, which restricts the choice set.
C) Cash and the gift card are equally desirable, there is no problem here.
D) Gift cards are easier to steal or lose relative to cash.
A
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Table 8-3 Quantity Price (dollars) Total Cost (dollars) 1 10 5 2 9 8 3 8 12 4 7 17 5 6 23 Explain how much the firm shown in Table 8-3 should produce, first using total profit and then using marginal analysis.
What will be an ideal response?
The main reason that the deficit grows in a recession is that
A. the government reacts quickly and adjusts taxes to compensate. B. monetary policy that targets interest rates causes the costs of borrowing to fall. C. the deficit causes the recession, and reducing the deficit cures the recession. D. many forms of taxes act as automatic stabilizers.
Every society faces economic trade-offs. This means
A) some people live better than others do. B) not everyone can have enough goods to survive. C) producing more of one good means less of another good can be produced. D) society's output cannot be made available to all.