What is the maximum value of the Lerner index?
A) Infinity
B) 100
C) Two
D) One
D
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Which of the following is an assumption of the decision-making process followed by consumers to maximize utility?
A. Marginal utility always increases as more units of a good are consumed. B. The consumer's income increases as prices of goods increase. C. The consumer considers the prices of the products. D. The consumer oftentimes is not sure about her preferences.
The shift of the short-run Phillips curve in the figure above is the result of
A) an increase in the natural unemployment rate. B) a decrease in the expected inflation rate. C) a decrease in the actual inflation rate. D) an increase in the expected inflation rate. E) a decrease in the natural unemployment rate.
The above table gives the initial balance sheet for Mini Bank. Mini Bank's actual reserve ratio equals ________
A) 25 percent B) 12.5 percent C) 33.3 percent D) 20 percent
A concern about long-run economic growth was important in economics:
A. from the time of John M. Keynes and his General Theory. B. from the time of Karl Marx and his Das Kapital. C. only since the 1970s. D. from the time of Adam Smith and his The Wealth of Nations.