The primary currency circulating in the United States consists of:
a. bank checks that are certified.
b. Federal Reserve Notes.
c. credit cards.
d. gold certificates.
b
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An increase in first-period income results in
A) an increase in first-period consumption, an increase in second-period consumption, and an increase in saving. B) an increase in first-period consumption, a decrease in second-period consumption, and an increase in saving. C) a decrease in first-period consumption, an increase in second-period consumption, and an increase in saving. D) an increase in first-period consumption, an increase in second-period consumption, and a decrease in saving.
If a consumer must spend her entire income on some combination of two commodities and chooses to spend it all on just one of the commodities then:
A) the other commodity is an economic bad. B) the other commodity must have zero marginal utility. C) the other commodity generates less utility per dollar spent on the good. D) the two commodities must be perfect substitutes.
In the long run the monopolistic competitor _______ an economic profit and the perfect competitor ________ an economic profit.
A. makes; makes B. makes; does not make C. does not make; does not make D. does not make; makes
The slope of a curve at any point is given by this formula:
A. The change in x coordinates between two points divided by the change in their y coordinates. B. The percentage change in x coordinates between two points divided by the percentage change in their y coordinates. C. The change in y coordinates between two points divided by the change in their x coordinates. D. The percentage change in y coordinates between two points divided by the percentage change in their x coordinates.