America's prosperity and economic growth is secure for the foreseeable future
a. True
b. False
Indicate whether the statement is true or false
False
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The demand for money that arises so that individuals or firms can make purchases on quick notice is called the
A) speculative demand for money. B) real demand for money. C) transaction demand for money. D) liquidity demand for money.
Usharani consumes 35 apples a week and 14 loaves of bread. Apples cost $1 each and bread costs $2 per loaf. Usharani is maximizing his utility and finds that the marginal utility from his 35th apple
A) equals his marginal utility from his 14th loaf of bread. B) is twice his marginal utility from his 14th loaf of bread. C) is half his marginal utility from his 14th loaf of bread. D) is such that his total utility from apples equals his total utility from bread.
As the best measure of the size of economic fluctuations associated with a business cycle, economists typically use
A) real GDP. B) the deviation of real GDP from potential GDP. C) potential GDP. D) the deviation of real GDP from nominal GDP.
Roses are more expensive on Valentine's Day than at other times of the year, yet sales of roses are highest on that day. How does economic theory account for this?
A) An increase in demand pushes up the market clearing price of roses. B) People buying the roses are irrational. C) Roses are not subject to the law of demand. D) Florists know that there are no substitutes for roses, so they take advantage of consumers on Valentine's Day.