Households interact with business firms by:
a. buying resource services from business firms.
b. paying wages for the use of labor.
c. selling goods and services to firms.
d. receiving payments from firms for use of resource services.
e. paying rent to firms for the use of land.
d
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If a good is Giffen and its price increases,
a. the income effect will be positive and the substitution effect will be positive. b. the income effect will be negative and the substitution effect will be negative. c. the income effect will be positive and the substitution effect will be negative. d. the income effect will be negative and the substitution effect will be positive.
In the short-run macro model, what type of unemployment is caused by insufficient spending?
a. Cyclical b. Structural c. Frictional d. Seasonal e. All types of unemployment are caused by insufficient spending
Bob values the utility of a single scoop of Baskin-Robbins ice cream at $1.50 . A double scoop gives total utility of $2.25, while a triple scoop yields $2.60 . Baskin-Robbins charges $1.35 for a single, $1.95 for a double, and $2.35 for a triple. How many scoops will Bob buy?
According to the monetarists, inflation is primarily caused by an increase in the money supply
a. True b. False Indicate whether the statement is true or false