Common property is
A. property that has mineral or oil deposits.
B. property owned by a group such as a club.
C. a resource that everyone is free to use as much as they want.
D. property that has little economic value.
Answer: C
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Refer to the figure below. Suppose the solid line shows the current demand curve for coffee. In response to an announcement that much of next year's coffee crop has been destroyed by a storm in Brazil, you should expect: 
A. the demand curve to shift to D(A) in anticipation of higher future prices. B. the demand curve to shift to D(B) in anticipation of higher future prices. C. an increase in the quantity of coffee demanded, but no shift in the demand curve. D. neither a change in quantity demanded nor a shift in demand because next year's coffee crop will not affect the current demand for coffee.
The model that economists use for illustrating the process of individual choice in a situation of scarcity is the _____, sometimes also called the opportunity set, a diagram which shows what choices are possible.
A. opportunity set B. consumption choice C. time value of money D. risk premium
After the repeal of Regulation Q, a problem for savings-and-loan associations (S&Ls) was that most of their assets were at __________ interest rates while their deposits were at __________ interest rates
A) low; low B) low; high C) high; low D) high; high
There is an exchange rate between
a. every pair of currencies. b. the world's major currencies but not between the currencies of less-developed countries. c. currencies on a fixed-exchange rate system but not for those on a floating-rate system. d. the currencies of the European Union but not for the nations outside the European Union.