The chair of the Board of Governors of the Fed must resign when a new president is elected
a. True
b. False
Indicate whether the statement is true or false
False
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GDP can be used to measure both short-term changes (i.e., over several months) and long-term changes in economic activity
a. True b. False
Which of the following expressions is correct?
a. accounting profit = total revenue - explicit costs b. economic profit = total revenue - implicit costs c. economic profit = total revenue - explicit costs d. Both a and b are correct.
According to the graph for differences in marginal utility of income, if the rich have a greater marginal utility of income, when society transfers money from the rich to the poor, ______.
a. the rich gain more than the poor lose b. the poor lose more than the rich gain c. the rich lose more than the poor gain d. the poor gain more than the rich lose
If the price of sandals increases by 10 percent and the quantity demanded falls by 20 percent, then the price elasticity of demand in absolute value is
A. 20 percent. B. 2. C. 2 percent. D. .2.