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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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.
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.