The demand for a normal good is
A. related to the supply of the good.
B. directly related to income.
C. unaffected by changes in consumer tastes and preferences.
D. unaffected by changes in the prices of complementary goods.
B. directly related to income.
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Refer to Table 20-11. Suppose an economy has only three goods and the typical family purchases the amounts given in the table above. If 2011 is the base year, then what is the CPI for 2016?
A) 40.08 B) 100 C) 180 D) 208
With the total cost and total revenue curves, we measure economic profit by the __________ between the two curves. With the per-unit curves, we measure economic profit by a(n) __________
a. vertical distance, horizontal distance b. vertical distance, area c. area, area d. area, vertical distance e. horizontal distance, area
Because of the problem of scarcity, each economic system must make which of the following choices?
a. How to produce? b. What to produce? c. For whom to produce? d. All of these.
What is money’s primary function?
a. to act as a medium of exchange b. to be a store of value c. to allow for deferred payments d. to act as a unit of account