The rate of economic growth is a topic of microeconomics.
Answer the following statement true (T) or false (F)
False
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Suppose Hank spends his entire budget buying 2 bagels and 3 cups of coffee each day. Also, suppose the marginal utility of the second bagel is 100 and the marginal utility of the third cup of coffee is 200
Which of the following statements is TRUE? A) Hank is not maximizing his utility. B) Hank will be maximizing his utility as long as the price of a cup of coffee is twice the price of a bagel. C) Hank might be maximizing utility only if the price of a cup of coffee is less than the price of a bagel. D) Hank is not maximizing utility because he is not buying equal amounts of each good.
The above figure shows Bob's utility function, which is
A) concave. B) convex. C) linear. D) L-shaped.
The long-run aggregate supply curve at potential national income is analogous to:
a. the short-run aggregate demand curve at potential national income. b. the long-run Phillips curve at the natural rate of unemployment. c. the long-run aggregate demand curve at each price level. d. the short-run Phillips curve at the natural rate of unemployment. e. the horizontal portion of the Phillips curve.
Tim deposits $30,000 into Statewide Bank. Statewide has a money multiplier of 8. How much money could Tim’s deposit potentially create?
a. $30,000 b. $240,000 c. $3,750 d. $26,250