Which of the following is the best example of money?
A) share of Intel stock
B) checkable deposit
C) credit card
D) phone card
E) gold
B
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In order to conclude that markets are efficient, we assume that they are perfectly competitive
a. True b. False Indicate whether the statement is true or false
The marginal rate of substitution measures the:
A. magnitude of the substitution effect. B. total utility received by a consumer when equilibrium is achieved. C. extra utility that a consumer derives from successive units of a product. D. consumer's willingness to substitute one product for another so that total utility will remain constant.
Price discrimination for concessions at ball parks is not applied to adults and children because:
A. Children's demand for food is elastic and adults' demand for food is inelastic B. Adults' demand for food is elastic and children's demand for food is inelastic C. There can be exchange of the product from children, who buy it at a lower price, to adults D. There can be exchange of the product from adults, who buy it at a lower price, to children
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A