People typically buy more of a product at low price than at a high price
a. true
b. false
Ans: a. true
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Total income is defined as
A) the total amount earned by all resource owners. B) the sum of the total receipts of firms and the amount earned by households. C) the sum of the total receipts of firms less the amount of tax that must be paid. D) the total receipts of firms before taxes.
According to the historical record of inflation since the 1300s, the inflation rate
A) became highest in the twentieth century. B) was at its lowest after Columbus arrived to America. C) was at its highest during the Industrial Revolution. D) has always been consistently high. E) was higher in the 1300s than in the 1900s.
A commercial bank's reserves are
A) bonds issued by the U.S. government that are very safe. B) the provision of funds to businesses and individuals. C) currency in its vault plus the balance on its reserve account at a Federal Reserve Bank. D) savings and time deposits. E) its loans.
The goals of rate regulation have included the prevention of
A) monopoly profits. B) oligopolistic pricing. C) marginal cost pricing. D) average cost pricing.