The legal tender requirement means that
a. people are more likely to accept the dollar as a medium of exchange.
b. the government must hold enough gold to redeem all currency.
c. people may not make trades with anything else.
d. All of the above are correct.
a
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A firm that can effectively price discriminate will charge a higher price to
A) buyers who belong to the largest market segment. B) buyers who are members of the smallest market segment. C) customers who have the more elastic demand for the product. D) customers who have the more inelastic demand for the product.
Refer to the above table. What is the absolute price elasticity of demand when price changes from $6.00 to $6.50?
A) 1.60 B) 1.00 C) 0.65 D) 0.60
According to the text, the most important income distribution decisions that the government makes involve:
A. redistributing income through transfer payments to the poor. B. maintaining a progressive income tax structure. C. encouraging innovation through direct subsidies. D. establishing and protecting property rights.
What types of unemployment will still exist when the economy is at the natural rate of unemployment?
A. frictional, structural, and cyclical unemployment B. frictional and structural unemployment only C. none as there will be no unemployment D. structural and cyclical unemployment only