In the United States, the Federal Reserve pursues an inflation targeting policy of keeping inflation below 2 percent
Indicate whether the statement is true or false
FALSE
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What is an indifference curve? Can two indifference curves intersect? Explain your answer
What will be an ideal response?
Refer to Figure 4-9. What area represents consumer surplus after the imposition of the price floor?
A) A + B B) A + B + E C) A + B + E + F D) A
Generally, in economics we study how people
a. react to changes in government policy. b. make choices when resources are scarce. c. react to rising prices. d. get increases in income.
Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later he quits football to make movies for $3 million a year. His opportunity cost at graduation was and eight years later was
A) $50,000; $2 million B) $2 million; $2 million C) $2 million; $3 million D) $50,000; $50,000