The current monetary system in the United States is
A) a mix of fiat money and exchange using transactions deposits at banks.
B) a commodity money system.
C) a gold standard.
D) a commodity-backed fiat money system.
A
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The local lemon market has the following supply and demand relationships:
QD = 100 - 5p - po + 2I QS = 4p where p is the price of lemons (per pound), Q is the quantity of lemons in pounds, I is the average consumer income, and po is the price per pound of oranges. Derive the equilibrium price and quantity of lemons as functions of the price of oranges and average consumer income. Use the calculus method of comparative statics to compute the effects of income and the price of oranges on the equilibrium price and quantity of lemons.
Transfer programs that do not tie benefits to contributions are called
a. social insurance programs b. income assistance programs c. health aid programs d. bonus programs e. compensation programs
The "short run" may vary in length from industry to industry
a. True b. False
According to Table 2.1, which presents hypothetical data on price elasticity of demand, which of the following would be true if the price of all four goods were to increase by 3%?
A. The quantity of car repairs demanded would decrease by a smaller percentage than would the quantity of bread demanded.
B. The quantity of car repairs demanded would increase by a smaller percentage than would the quantity of lamb demanded.
C. The quantity of electricity demanded would decrease by a smaller percentage than would the quantity of lamb demanded.
D. The quantity of electricity demanded would increase by a smaller percentage than would the quantity of bread demanded.