If a consumer has an income of $200, the price of X is $5, and the price of Y is $10, the maximum quantity of X the consumer is able to purchase is:
A. 20.
B. 10.
C. 5.
D. 40.
Answer: D
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The slope of a negative relationship is
A) negative. B) undefined. C) positive to the right of the maximum point and negative to the left. D) constant as long as the relationship is nonlinear.
The most fundamental proposition of modern portfolio theory is that
A) investment risk is reduced by investing in on security. B) the smaller the standard deviation is, the larger is the risk of a portfolio. C) even though an asset is risky in isolation, when combined with other assets the risk of the portfolio is less, perhaps even zero. D) uncertain outcomes make for risky investments.
The philosopher John Rawls argued that
a. people would choose a more equal distribution of income if they had to determine an economic distribution system before knowing their place in it. b. people would choose income inequality to allow the maximum use of their individual talents. c. government has a role to ensure income equality to prevent social unrest. d. people would choose equal opportunity because it is morally right.
Which of the following is solely responsible for determining changes in the money supply in the United States?
A. the chairman of the Federal Reserve B. the Comptroller of the Currency C. the Federal Open Market Committee D. the U.S. Treasury