If orange juice prices double next year, there will be a
A. rightward shift in the demand for grapefruit juice.
B. rightward shift in the supply of grapefruit juice.
C. leftward shift in the supply of grapefruit juice.
D. leftward shift in the demand for grapefruit juice.
Answer: A
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Which of the following is an aggregate?
A) the number of shoes in one man's closet B) the bushels of apples one farmer sells C) the price of a particular textbook D) the total production of all goods and services
Rent controls often have adverse effects, including
A) too much housing in a community. B) deterioration in the quality of existing rental units. C) too much construction of new rental units in the community. D) income transfers from the poor to landlords.
The opportunity cost of going to a movie is
a. the price of the movie b. number of hours you spend watching the movie c. expected gains you experience by watching the movie d. the next best alternative that must be sacrificed in order to go to the movie e. expected gains minus the expected cost of the movie
Some economists have proposed a new definition of money that would better track money demand. One such measure is the MZM or "money zero maturity." What kind of items will be included in this measure?
A) Assets that have no maturity such as cash, checking accounts, and shares of stocks. B) Assets that can be converted to cash with zero penalty and securities that are issued by the U.S. government since these are virtually risk free. C) Any deposits that do not have specified maturity terms, just as long as these deposits are fairly liquid and are used by consumers to pay for transactions. D) Liquid accounts held by the public, regardless of whether they are classified as M1 or M2 and the reserves of banks that earn no interest since these could be used to create money.