To aggregate 300 tons of steel, 5,000 bushels of wheat, and 1 million barrels of crude oil, economists add together the ________ of the three products
A. units
B. weight
C. number of tons, bushels, and barrels
D. dollar value
Answer: D
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The supply of loanable funds is determined by all of the following except
A. Risk. B. Time preferences. C. Demand for loanable funds. D. Interest rates.
The condition to decide on the optimal amount of leisure is that:
A) the average benefit of leisure should be equal to zero. B) the total benefit of leisure should be equal to the wage rate. C) the average benefit of leisure should be equal to the wage rate. D) the marginal benefit of leisure should be equal to the wage rate.
When demand is perfectly inelastic, an increase in price will
A) leave total revenue unchanged. B) increase total revenue. C) decrease total revenue. D) either increase total revenue or decrease total revenue, but it is impossible to tell which.
Figure 36-6
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In Figure 36-6, an expansive monetary policy in a closed economy results in an equilibrium at point E. In our open economy, allowing for the induced change in the currency exchange rate, the final equilibrium will be at a point like
A. B. B. F. C. J. D. H.