Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who
have become more health conscious and wish to monitor various health conditions. These firms are reacting to which of the three key economic ideas?
A) people are rational B) people respond to economic incentives
C) firms attempt to maximize revenues D) optimal decisions are made at the margin
B
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When Sam Snerd decides to reduce his savings account by $20,000 to purchase a new car with cash, he is using money that is included in our definition of M1, M2 and M3
Indicate whether the statement is true or false
A problem when implementing countercyclical fiscal policy is
a. knowing where the turning point is b. defining the accelerator c. identifying which multiplier to use d. knowing when the balanced budget multiplier equals 1.0 e. finding the natural unemployment rate
What is the criticism leveled against deposit insurance by the FDIC?
Which of the following is NOT a predictable result of a price ceiling set below the market clearing price?
A) an illegal market in the good B) excess quantity supplied C) excess quantity demanded D) lines to purchase the product