Land, labor, and capital are examples of factors of production
a. True
b. False
Indicate whether the statement is true or false
True
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When the value of one currency falls relative to another currency, the exchange rate for the first currency has
A) depreciated. B) appreciated. C) demanded. D) revalued.
Steve owns a motorcycle valued at $5,000, and that is his only asset. There is a 5 percent chance that Steve will have an accident within a year. If he does have an accident, his motorcycle is worthless
Steve's utility of wealth curve is shown in the figure above. An insurance company agrees to pay Steve the full value of his motorcycle in case of an accident if he buys the company's insurance policy. The company's operating expenses are $500 per policy. With no insurance, Steve's expected wealth is A) $4,000. B) $4,500. C) $3,500. D) $5,000.
According to the graph shown, consumer surplus is:
A. $36.
B. $72.
C. $120
D. None of these.
Fiscal policy designed to moderate the severity of a business cycle is known as
a. acceleration b. maintenance c. procyclical d. countercyclical e. discretionary