Refer to the given market-for-money diagrams. The total demand for money is shown by:
A. D 1 .
B. D 2 .
C. D 3 .
D. S.
C. D 3 .
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In economics, the difference between a firm's revenues and its costs is referred to as
A) factor payments. B) profit. C) physical capital. D) capital gains.
Answer the following statements true (T) or false (F)
1. The study of economics is not useful for consumers because economic analysis focuses only on businesses and the economy. 2. The scientific method does not apply to economics because economics studies human behavior which cannot be generalized. 3. Economic principles are value judgments about what the economy should be like or the way the economic world ought to be. 4. If falling gasoline prices are good for the consumers, then it must be good everyone in the economy.
Moral hazard occurs when one party to a contract changes his behavior in response to that contract and thus passes on costs of that behavior to the other party.
Answer the following statement true (T) or false (F)
A person is dynamically inconsistent if:
A. lapses in self-control occur. B. he does not always follow through on his plans and intentions. C. he changes his ranking of alternatives available at some future date as the date approaches or once it arrives. D. All of these are sufficient for dynamic inconsistency.