In the early post-war years, the Fed was reluctant to continue its wartime agreement with the Treasury because it believed the result would be
A) recession.
B) inflation.
C) higher taxes.
D) lower taxes.
B
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If products C and D are close substitutes, an increase in the price of C will
A. tend to cause the price of D to decrease. B. shift the demand curve for D to the right. C. shift the demand curves for both products to the right. D. shift the demand curve for C to the left and the demand curve for D to the right.
As incomes rise, the income elasticity of demand for food
a. falls below one b. becomes equal to one c. rises above one d. remains stable e. cannot be calculated
Someone who is risk-averse has
A) diminishing marginal utility of wealth. B) constant marginal utility of wealth. C) increasing marginal utility of wealth. D) less marginal utility of wealth than someone who is risk-neutral.
Which of the following is the formula used for computing an accounting profit?
A) accounting profits = total revenue - implicit costs B) accounting profits = total revenue - (implicit + explicit costs) C) accounting profits = total costs - total revenue D) accounting profits = total revenue - explicit costs