If this is an open economy, quantity of cars demanded domestically will be ________.
A. 40,000
B. 20,000
C. 80,000
D. 60,000
Answer: D
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Economists are often perceived as disagreeing with each other. Is this the way things really are?
A. No, economists agree on much more than is commonly supposed. B. No, the problem is that some economists are smarter than others. C. No, economists “stage” disagreements for public amusement. D. Yes, economists rarely agree on much of anything. E. Yes, economists are unable to analyze problems dispassionately.
Which of the following appears as a liability on the Federal Reserves balance sheet?
A) U.S. government securities owned outright B) Commercial bank deposits C) Gold certificates D) Cash items in the process of collection
On average, expansions in the United States have become ________, and recessions have become ________ since 1950
A) longer; longer B) longer; shorter C) shorter; longer D) shorter; shorter
Steve is currently maximizing utility by consuming three fried eggs and four strips of bacon. From this you can conclude that the:
A. marginal utility of the third fried egg equals the marginal utility of the fourth strip of bacon. B. total utility of the three eggs equals the total utility of the four strips of bacon. C. price of eggs and bacon are the same. D. opportunity cost of not consuming the third fried egg equals the opportunity cost of not consuming the fourth strip of bacon.