A legal limit on the quantity of a good that may be imported is called a(n) ________.
A. trade limit
B. import tax
C. quota
D. tariff
Answer: C
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Money is any commodity or token that is
A) issued by the government. B) backed by gold. C) generally accepted as a means of payment. D) a store of value. E) generally accepted as a means of measurement.
Consider the budget line in the above figure. If the consumer's income is $120, then the price of a movie is
A) $24 per movie. B) $12 per movie. C) $5 per movie. D) More information is needed to determine the price of a movie.
A risk-neutral individual will make investment decisions purely based on net present value because
A) she doesn't care about utility. B) utility is a linear function of wealth. C) she loves to take risk. D) net present value is always more than expected utility.
While the classical economists believed that both velocity and output are stable, Keynesians believe
a. velocity is stable and output is variable b. velocity and output are both variable c. output is stable and velocity is variable d. on this one point only, that the classical economists are right: that both output and velocity are stable e. at low levels of income both velocity and output are stable, but at high levels of income velocity becomes variable