The set of all possible bundles of goods and services that can be purchased with a consumer's income is referred to as the:
A) demand set.
B) supply set.
C) budget set.
D) universal set.
C
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Using the money demand and money supply model, an increase in money demand would cause the equilibrium interest rate to
A) increase. B) decrease. C) not change. D) increase, then decrease.
The velocity of money is the:
a. rate at which the price index for consumer goods rises. b. multiple by which an increase in government expenditures will cause output to expand. c. average number of times a dollar is used to buy goods and services included in GDP. d. number of times a dollar is taken out of the country during a year.
A tariff is best described as a
A. tax on exported goods. B. a tax on a good that is imported. C. payment by the government to domestic producers to improve their competitive position in world markets.
Sequential games are often used to analyze which two types of business strategies?
A) deciding to end production of an unprofitable product and deciding to shut down temporarily B) deciding to merge with another firm and deciding how much to spend on an advertising campaign C) deterring entry by another firm and bargaining between firms D) whether to invest in research and development and whether to offer employees an early retirement package