A ________ is bought at a price below its face value, and the ________ value is repaid at the maturity date
A) coupon bond; discount
B) discount bond; discount
C) coupon bond; face
D) discount bond; face
D
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To draw your budget line between steak and lobster, all you need to know is your income
Indicate whether the statement is true or false
A higher price level would mean ____ for a person who has a bank deposit of $2 million
a. an increase in real income b. a decrease in real wealth c. a decrease in nominal income d. an increase in nominal income
Some individuals or families can become completely saturated with a service such as television. This suggests that
a. wants are limited b. desires for a single commodity can be satisfied but then the focus will switch to other goods and services c. a highly productive economy may someday be able to satisfy all human desires d. resources are not truly fixed in supply as we generally assume e. scarcity does not exist
When a firm's long-run average total costs do not vary as output increases, the firm exhibits
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. an efficient use of resources.