Aglets are the metal or plastic tips on shoelaces that make it easier to lace your shoes. The demand for aglets is probably
A) inelastic.
B) unit elastic.
C) elastic but not perfectly elastic.
D) perfectly elastic.
A
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For a firm in monopolistic competition, innovation and product development are
A) senseless because economic profit is always zero in the long run. B) necessary in order to have a chance of earning at least a short-run economic profit. C) inconsequential because each firm produces a different product. D) necessary to allow new firms to enter. E) uncommon because other firms already produce similar products.
Gene plays another hour of computer games rather than study for the hour even though he knows that the next day, when he takes his test, he will regret his decision. Gene is showing ________
A) the endowment effect B) bounded rationality C) bounded self-interest D) bounded will power
When the Federal Reserve buys $200 worth of government securities, the money supply
A) rises by $200. B) rises by more than $200. C) falls by $200. D) falls by more than $200.
With money supply shocks in the intertemporal model with money, the price level is
A) procyclical. B) acyclical. C) countercyclical. D) somewhat cyclical.