Eamon buys a new barbecue using his credit card. In other words, Eamon has used ______ to purchase the barbecue.
a. a guaranteed loan
b. currency
c. fiat money
d. a demand deposit
a. a guaranteed loan
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If the utility function (U) between food (F) and clothing (C) can be represented as U = , the marginal utility of food equals
A) . B) . C) 1/2 . D) 1/2 .
Which of the following is a characteristic of perfect competition?
A. Large barriers to entry. B. A small number of firms. C. Firms selling unique goods. D. None of the alternatives are characteristics of perfect competition.
The difference in wages paid to major-league baseball players and minor-league baseball players is most likely due to
a. differences in chance. b. differences in natural ability. c. the fact that the players' union is strong. d. a compensating differential.
Saving is $15 billion at the $125 billion equilibrium level of output in a closed, private economy. Actual investment must be:
A. Less than saving B. Greater than saving C. Equal to $15 billion D. Equal to $125 billion