If Valerie purchases ankle socks at $5 and gets 25 units of marginal utility from the last unit, and bandanas at $3 and gets 12 units of marginal utility from the last bandana purchased, she
A) wants to consume more bandanas and fewer ankle socks.
B) is maximizing total utility and does not want to change her consumption of ankle socks or bandanas.
C) wants to consume less of both ankle sock and bandanas.
D) wants to consume more ankle socks and fewer bandanas.
D
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When the economy experiences inflation, people demand a:
A. higher quantity of money, shifting the money demand curve leftward. B. lower quantity of money, shifting the money demand curve rightward. C. higher quantity of money, shifting the money demand curve rightward. D. lower quantity of money, shifting the money demand curve leftward.
During the Great Depression of the 1930s, unemployment peaked at _____%
a. 5 percent b. 10 percent c. 20 percent d. 25 percent e. 30 percent
The primary difference between commodity money and fiat money is that
a. commodity money is a medium of exchange but fiat money is not. b. fiat money is a medium of exchange but commodity money is not. c. commodity money has intrinsic value but fiat money does not. d. fiat money has intrinsic value but commodity money does not.
Which of the following CANNOT be eliminated in a growing economy such as the U.S. economy?
A. relative poverty B. absolute poverty C. both absolute and relative poverty D. Neither absolute nor relative poverty can be eliminated.