Which of following is an example of fiat money?
a. US dollars
b. Gold
c. Diamonds
d. Silver
e. Fur
A
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If you spend a large portion of your income on a good,
A) supply of that good would be price elastic. B) demand for that good is more elastic than if you spent a smaller portion of your income on the good. C) supply of that good is price inelastic. D) demand for that good is less elastic than if you spent a smaller portion of your income on the good. E) the good must be able to be produced at a constant (or gently rising) opportunity cost.
Natural oligopoly is a situation where
A) the level of demand can support only a few firms. B) there is only one firm. C) there are only two firms. D) there are legal barriers to entry.
Explain why labor might not always be a variable input
What will be an ideal response?
How does the multiplier for a change in government spending compare to the multiplier for a change in taxes?
a. It is smaller. b. It is the same. c. It is larger. d. It cannot be calculated.