Would we expect the "average" person to take more time to learn about the car he or she is considering purchasing or about the issues in the upcoming U.S. Senate race in his or her state?
A) The Senate race, because it is critical that we elect the right people to government.
B) The car, but there is no rational reason for this.
C) The Senate race, because the person who is elected senator today may become president tomorrow.
D) The car, because a mistake here can potentially cause him or her more harm on a day-to-day basis; in addition, a person is unlikely to be able to determine the outcome of a Senate race.
D
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The money multiplier tends to be greater when
A) individuals hold less cash. B) individuals hold more cash. C) the reserve ratio increases. D) banks hold more excess reserves.
If we consider age distribution, institutional factors, and in-kind transfer programs, income distribution is likely considerably more unequal than it appears from measured income
a. True b. False Indicate whether the statement is true or false
A 10 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of soda demanded. What does this indicate?
a. Elasticity of demand for potato chips is 3. b. Cross-price elasticity of demand for soda is -3. c. Elasticity of demand for potato chips is 3. d. Elasticity of demand for soda 3.
Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2014 the CPI was 190. What does this "190" mean?
A) What cost $100 in 1982 on average cost 190 times as much in 2014. B) What cost $100 in 1982 on average cost $190 in 2014. C) What cost $100 in 1982 on average cost 0.19 times as much in 2014 (that is, it cost $19 in 2014). D) What cost $100 in 1982 on average cost $19 more in 2014.