Consumer preferences
a. do not vary from one consumer to another
b. have little to do with personal tastes and income
c. are not influenced by the utility of goods
d. are individual evaluations of goods and services
e. can be objectively measured and compared across individuals
D
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To a bank, a loan the bank has made to its borrowers is classified as
A) an asset. B) a liability. C) vault cash. D) excess reserves. E) bank capital.
Explain the difference between short-run capacity utilization and long-run growth in terms of the PPC.
What will be an ideal response?
The reason why inflation reduces the value of the multiplier is that part of the change in demand is
A. absorbed by price changes. B. saved rather than spent. C. matched by changes in supply. D. matched by changes in income.
The products sold by monopolistically competitive firms
A. have no close substitutes. B. are differentiated. C. are homogeneous. D. can be either homogeneous or differentiated.