During inflationary periods, consumers will
A. increase their time taken to search for the lowest prices of goods.
B. may purchase goods when they need them.
C. stick to one store.
D. will save more of their income.
Answer: A
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Diminishing marginal utility of wealth leads to risk aversion because at a given level of wealth a dollar gained
A) is worth more in additional utility than a dollar lost. B) is worth less in additional utility than a dollar lost. C) is worth as much in additional utility as a dollar lost. D) does not add to total utility.
If the current account balance is $235 billion and U.S. official reserves increased by $35 billion, what is the official settlements account balance and the capital account balance?
What will be an ideal response?
If aggregate demand shifts from AD4 to AD5,
A. output will rise and the price level will fall.
B. output will fall and the price level will rise.
C. neither output nor the price level will change.
D. the price level will rise and output will remain unchanged.
Tariffs:
A. may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs). B. are also called import quotas. C. are excise taxes on goods exported abroad. D. are per-unit subsidies designed to promote exports.