Refer to the information provided in Figure 6.15 below to answer the question that follows.
Figure 6.15Refer to Figure 6.15. If the price of a hot dog is $2, Jason's income is
A. $25.
B. $200.
C. $300.
D. indeterminate because the price of sandwiches is not given.
Answer: B
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Refer to Figure 10-2. Which of the following statements is true?
A) Points a and b may not necessarily be the utility-maximizing quantities of ice cream cones at two different prices because we have no information on the consumer's budget or the price of other goods. B) Points a and b are derived independently of the utility-maximizing model. C) Points a and b are the utility-maximizing quantities of ice cream cones at two different prices of ice cream. D) Point a could be a utility-maximizing choice if the price is $3 but point b may not be because we have no information on the marginal utility per dollar when price changes.
If both money demand and commodity demand are unstable, as many activists believe, which type of policy target would most likely lead to a stable economy? (assume no supply-side shocks, and a fixed price level)
A) money supply target B) real GDP target C) interest rate target D) none of the above
One way to estimate GDP is to:
A. add together the market value of only final goods sold in the economy and not services. B. measure the total expenditure of an economy. C. add together the market value of only final services sold in the economy. D. add up all the money people spend buying final and intermediate goods and services.
Holding other factors constant, if food prices decline relative to the prices of other products, then the real wages of agricultural workers will ________ and employment of agricultural workers will ________.
A. increase; increase B. decrease; decrease C. increase; decrease D. decrease; not change