A transaction deposit is
A. the liquidity approach.
B. a checkable and debitable account.
C. a fiduciary monetary system.
D. opportunity cost.
Answer: B
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Marginal revenue for a single-price monopolist is
A) less than the market price. B) equal to the market price. C) greater than the market price. D) equal to zero for all levels of output.
A critical component of supply-side economics is that
a. there is no wage that is so low that someone will not be willing to work for it. b. as the wage gets higher, workers choose significantly less leisure. c. labor supply is inelastic. d. as the wage gets higher, workers are richer and choose more leisure.
Use the information in Scenario 4.2. At what price, if any, is the demand for artichokes completely elastic?
A) 50 B) 30 C) 10 D) 0 E) none of the above
In the long run, an increase in aggregate demand: a. increases the price level and real output, but the effect on the price level is larger. b. increases the price level and real output, but the effect on output is larger
c. affects only real output. d. affects only the price level. e. affects neither the price level nor real output.