In 1963, the average price for a gallon of gas was about $0.30. In 2014, the average price for a gallon of gas was about $3.37. What does this data show?
a. From 1963 to 2014, the money demand curve shifted leftward.
b. The demand for money has increased significantly from 1963 to 2014.
c. In 1963, people carried more money in their pockets than they did in 2014.
d. The interest rates were most likely lower in 1963 than in 2014.
b. The demand for money has increased significantly from 1963 to 2014.
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In the 1980s and most of the 1990s, the federal government
A) ran small deficits. B) ran small surpluses. C) ran large deficits. D) was balanced.
Total revenue cannot be derived from the demand curve or a demand schedule.
Answer the following statement true (T) or false (F)
Firms in a cartel or engaged in tacit collusion should set ________ equal to ________ to maximize profit.
A) the market marginal revenue; their firm's marginal cost B) their firm's marginal revenue; their firm's marginal cost C) their firm's marginal revenue; the market marginal cost D) the market marginal revenue; the market marginal cost
The opportunity costs of different policies must be weighed to solve which of the following obstacles?
A. Measurement problems. B. Implementation problems. C. Rational expectations problems. D. Goal conflicts.