Although he is very poor, Al plays the million-dollar lottery everyday because he is certain that one day he will win. Al makes this calculation based upon
A) the frequency of past outcomes.
B) subjective probability.
C) knowledge of all possible outcomes.
D) tossing a coin.
B
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Which of the following economies is an example of a mixed system?
a. The United Kingdom b. Sweden c. The United States d. All of the answers are correct.
Ceteris paribus means allowing all things to change.
a. true b. false
The Fed's two main monetary policy targets are
A) the money supply and the inflation rate. B) the money supply and the interest rate. C) the interest rate and real GDP. D) the inflation rate and real GDP.
Suppose the market for grass seed can be expressed as Demand: QD = 100 - 2p Supply: QS = 3p Price elasticity of supply is constant at 1. If the demand curve is changed to Q = 10 - .2p, price elasticity of demand at any given price is the same as before. Yet, the incidence of a tax falling on consumers will be higher. Why?
What will be an ideal response?