A rational consumer who prefers one apple to two oranges, and two oranges to one orange,
a. must prefer two oranges to one apple
b. must prefer one apple to one orange
c. must prefer two oranges to two apples
d. must be indifferent between two oranges and two apples
e. might prefer one orange to one apple
B
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Refer to the accompanying graph. If this firm is a price taker and the price of each unit of output is $9, then at its profit-maximizing level of output, this firm will earn a ________ of ________.
A. loss; $60 B. loss; $300 C. profit; $900 D. profit; $495
A technological improvement lowers the cost of producing corn. As a result, the price of a pound of corn ____ and the quantity of corn ____. Question 13 options:
A. falls; increases B. falls; does not change C. falls; decreases D. rises; decreases E. rises; increases
Are economic sanctions usually effective in achieving policy goals? Explain
What will be an ideal response?
The definition of the velocity of money is
a. the money supply multiplied by prices divided by transactions. b. the number of times a unit of currency changes hands over a perid. c. money supply times prices divided by transactions. d. the fraction of total income held as money.