The set of all assets that are regularly used to directly purchase goods and services is called:
A. money.
B. fungible goods.
C. consumption income.
D. disposable income.
Answer: A
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From the nineteenth century until the 1930s, the United states most consistently adhered to
A) the Bretton Woods system. B) a managed-float exchange rate system. C) a freely-floating exchange rate. D) the gold standard.
Chocolate has just been found to increase your expected life span by 5 years if you eat it every day. In the market for chocolate, this information will lead to
A) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
Which of the following is more likely to have perfectly elastic or nearly perfectly elastic demand?
A) a textbook required for an economics course B) the guitar produced by a master craftsman C) cotton produced by a Texas farmer D) the services offered by the only allergist in the community
If the elasticity of demand for a service is 1, then the demand for that service is
A. perfectly elastic. B. elastic. C. unit elastic. D. inelastic.