An advantage of the gold standard was that it allowed currencies to freely float against each other
a. true
b. false
Ans: b. false
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Refer to Figure 3-5. At a price of $5, the quantity sold
A) is 2 units. B) is 4 units. C) is 6 units. D) cannot be determined.
One of the shortcomings of the activist approach is the difficulty in correctly identifying the economy's potential output level and the natural rate of unemployment
Indicate whether the statement is true or false
A special interest group has a good chance of redistributing (transferring) income from others to itself if the
A) costs of the transfer are spread over a very large number of people. B) costs of the transfer are spread over a very small number of people. C) costs of the transfer are spread over the same number of people that comprise the special interest group. D) the number of members in the special interest group is greater than 100. E) none of the above
In the theory of consumer choice, when a person is choosing which good or service to consume, how does he or she select the units of good or service to consume?
A. ?The person selects the good or service based on need. B. ?The person selects the units of a good or service that generates the greatest marginal utility. This process continues until there budget is spent. C. ?The person selects the units of a good or service that generates the greatest marginal utility per dollar spent. This process continues until the person's budget is spent. D. ?The person randomly selects what they buy until the budget is spent. ?