Any transaction that leads to a payment by a country's residents or government is a(n)
A. deficit item.
B. surplus item.
C. debt.
D. asset.
Answer: A
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Long-distance travel by bus is an inferior good. As people's incomes increase and other things remain the same, you predict that the
A) price of long-distance travel by bus will fall and the demand for long-distance travel by bus will increase. B) price of long-distance travel by bus will fall. C) demand for long-distance travel by bus will decrease and the price will rise. D) demand for long-distance travel by bus will increase as the price of long-distance travel by bus falls.
Refer to the payoff matrix below. Which of the following is the Nash Equilibrium?
A) Set Low Price/Set Low Price
B) Set High Price/Set Low Price
C) Set High Price/Set High Price
D) Set Low Price/Set High Price
The monetary base is the sum of:
A. currency in the hands of the public, reserves and M1. B. currency in the hands of the public and reserves in the banking system. C. M1 and reserves. D. reserves and M2.
If large numbers of young Americans thought the life of a cowhand was great (despite the hardships), we would expect
a. an increase in the wages of cowhands. b. a decrease in the wages of cowhands because demand would be reduced. c. no impact on wages, which are determined by supply and demand, not preferences. d. a decrease in the wages of cowhands because supply would be enlarged.