Money
a. is a perfect store of value.
b. is the most liquid asset.
c. has intrinsic value, regardless of which form it takes.
d. All of the above are correct.
b
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What is the main difference between a temporary and permanently negative supply shock?
A) The real interest rate immediately decreases after a temporary shock while it eventually increases after a permanent shock. B) Output increases right away after a temporary shock but the impact does not last whereas for a permanent shock output permanently decreases. C) A temporary shock will see a permanent increase in inflation while inflation will only rise temporarily after a permanent shock. D) all of the above E) none of the above
If two goods are substitutes, then their cross-price elasticity of demand is
A. positive. B. negative. C. zero. D. between zero and minus one.
When marginal cost is rising, what must happen to average variable cost?
a. It must be falling. b. It must be rising. c. It could be rising or falling. d. It must be constant.
Exhibit 5-1 Demand curve
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In Exhibit 5-1, between points b and c, the price elasticity of demand measures
A. 0.425. B. 1.571. C. 0.143 D. 0.636.