Jeong's uncompensated demand for gizmos is given by Q = 30 - 2p. Jeong's marginal willingness to pay function is
A) 30-2p.
B) 15-.5Q.
C) 30-2Q.
D) -2.
B
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Cigarettes served as money in some prisoner of war (POW) camps during World War II. Given this, we would expect to observe
A) no one ever smoking a cigarette. B) prices of other goods expressed in terms of cigarettes. C) only government-issued cigarettes being accepted as money. D) people usually resorting to barter rather than using cigarettes as money.
Most businesses probably claim they use cost-plus-markup pricing because
A) they are price takers. B) they are maximizing net revenue. C) they have no better way to explain their price-setting behavior. D) they are responsible for long-run inflation.
Policy lags are typically much shorter for monetary policy than for fiscal policy
a. True b. False Indicate whether the statement is true or false
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country A would be using resources efficiently if it produced:
A. (500 iPods, 150 tablets). B. (500 iPods, 250 tablets). C. (500 iPods, 200 tablets). D. (500 iPods, 100 tablets).