The International Monetary Fund was established to manage the Bretton Woods System
a. True
b. False
Indicate whether the statement is true or false
True
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Patty spends $10 a week on bagels and soda. The price of a bagel is $2 and the price of soda is $1 a can. Patty buys 2 bagels and 6 cans of soda. Her marginal utility from bagels is 20 units
The price of a bagel rises to $3 and the price of a can of soda rises to $1.50. Patty now buys ________ bagels and her marginal utility from bagels ________. She buys ________ cans of soda and her marginal utility from soda ________. A) fewer than 2; increases; fewer than 6; increases B) 2; is 20 units; 6; is 10 units C) fewer than 2; is 20 units; fewer than 6; is 10 units D) fewer than 2; decreases; fewer than 6; decreases
Which of the following is true about the market equilibrium? a. As the price increases, the quantity demanded and the quantity supplied increases
b. As the price increases, the quantity demanded and the quantity supplied decreases. c. As the price increases, the quantity demanded increases and the quantity supplied decreases. d. As the price increases, the quantity demanded decreases and the quantity supplied increases. e. As the price increases, neither the quantity demanded nor quantity supplied change.
Why is it true that domestic product and national income must be equal?
a. The IRS national accounting system assures that taxes equal total income. b. The total amount of spending must equal total national sales. c. The value of final product must equal the sum of resource income that produced it. d. The total amount of income earned is eventually spent.
In a perfectly competitive market, if the price of a good is higher than the average total cost of production for the quantity produced, the firm will suffer losses
a. True b. False Indicate whether the statement is true or false