An individual's level of utility is based on fulfillment of needs as opposed to wants
a. True
b. False
Indicate whether the statement is true or false
False
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A macroeconomist — as opposed to a microeconomist — might study the effect of
a. changes in the money supply on the inflation rate. b. an increase in the gas tax on fuel consumption. c. a technological advance on the natural gas industry. d. a hurricane on prices in the orange industry.
Suppose when you are 21 years old, you deposit $1,000 into a bank account that pays 6 percent annual compound interest, and you do not withdraw from the account until your retirement at the age of 65, 44 years later. How much will be in the account when you retire?
A. $3,752 B. $46,794 C. $24,871 D. $12,985
If the profit-maximizing markup factor in a six-firm Cournot oligopoly is 3, what is the corresponding market elasticity of demand?
A. ?1.25 B. 0.08 C. ?0.25 D. None of the answers are correct.
Which of the following countries reported an inflation rate of over 2,000 percent per year during the late 1980s?
A. Russia B. Argentina C. Mexico D. Turkey