Hector has $2,000 a month to spend on clothing and food. The price of clothing is $50 and the price of food is $20. Hector spends his entire income when he purchases ________ units of clothing and ________ units of food.
A. 32; 16
B. 50; 10
C. 20; 20
D. 24; 40
Answer: D
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In 2014, the price of peanuts increased. In the market for peanut butter, this change led to ________ and which therefore ________ the price of peanut butter and ________ the quantity of peanut butter
A) a decrease in the supply; increased; decreased B) an increase in supply; decreased; increased C) a decrease in demand; decreased; decreased D) an increase in demand; increased; increased
The Federal Open Market Committee is responsible for directing
a. issuing government securities. b. setting monetary policy. c. setting reserve requirements. d. printing money. e. All of the above
In a Nash equilibrium,
A) each player has a dominant strategy. B) no players have a dominant strategy. C) at least one player has a dominant strategy. D) players may or may not have dominant strategies. E) the player with the dominant strategy will win.
If the number of laborers is 200 and the capital stock is $20,000 . the capital-labor ratio is
a. $1/100 b. $100 c. $20,100 d. $4,000,000 e. $19,900