According to the U.S. Treasury
A) creditors do not have to accept cash in payment of debts.
B) firms do not have to accept cash as payment for goods and services.
C) the government will not accept cash in payment of taxes.
D) U.S. dollars must be accepted as payment for any good or service sold in the United States.
B
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Which of the following market bundles will give the lowest utility?
a. 2 movies and 2 games b. 2 movies and 3 games c. 2 movies and 4 games d. 2 movies and 5 games
The idea that policy actions have no real effects in the short run if they are anticipated and no real effects in the long run is called the
A. adaptive proposition. B. money illusion proposition. C. Keynesian proposition. D. policy irrelevance proposition.
For each pair of items below determine which product would have the higher price elasticity of demand (in absolute value)
a. Insulin for a diabetic or aspirin for someone suffering a headache. b. A new Whirlpool 27 cu.ft. side-by-side refrigerator or electricity to power your all-electric home. c. A can of Red Bull or soft drinks in general. What will be an ideal response?
The price of a good is
A) always equal to the cost of producing the good. B) never affected by the number of buyers and sellers. C) usually determined in a market. D) None of the above.