Ceteris paribus, the greater the increase in the money supply, the __________ the inflation rate, the __________ the expected inflation rate, and the __________ the interest rate
A) higher; higher; higher
B) lower; lower; lower
C) higher; lower; higher
D) lower; higher; lower
E) higher; lower; lower
A
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Linus has just watched two hours of TV. We can say:
A. his second hour of watching TV likely reduced his total utility. B. his second hour of watching TV likely added less to his total utility than did the first. C. if he watches a third hour it will likely decrease his total utility. D. if he watches a third hour it will likely increase his total utility by at least as much as the second.
Which of the following events would produce an upward shift in the consumption function, other things being equal?
a. An increase in consumer wealth. b. A decrease in consumer wealth. c. A decrease in autonomous consumption. d. None of these.
If profit-seeking entrepreneurs are going to be successful, they must
a. produce a product that the consumers value more than the resources required for its production. b. produce the product more cheaply than their rivals regardless of quality. c. maximize the salaries of high-level management so they will be able to attract people who will work hard. d. charge a higher price than their competitors so they can make economic profits in the long run.
Which of the following is the best example of a firm operating in a monopolistically competitive market?
A. A Kansas wheat farmer. B. TGI Fridays, a family restaurant. C. U.S. Postal Service. D. Boeing, an aircraft manufacturer