Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Along budget constraint AC, the opportunity cost of one gardenburger is
A. 1/4 of a beer.
B. 1 beer.
C. 2 beers.
D. changing as Mr. Lingle moves down his budget constraint.
Answer: B
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The long-run price elasticity of demand for electricity is ________ the short-run price elasticity of demand for electricity
A) greater than B) less than C) equal to D) not comparable to E) unrelated to
National income accounting can best be characterized as:
a. a set of rules used to summarize economic activity over a given period of time. b. a method for comparing different political systems. c. a microeconomic model of the economy used by the Federal Reserve bank. d. a statistical measure of the income received by consumers as opposed to businesses. e. a standardized economic report authored by politicians.
According to Keynes, investment demand depends less on interest rates than on the
a. availability of savings b. flexibility of wages and prices c. level of disposable income d. competitiveness of labor markets e. expectations of a continuing robust economy
If you put $1,000 in the bank today at an interest rate of 6% what is its value in two years?
a. $2,000(1.06) b. $1,000 + $(1.06)2 c. $1,000(1.06)2 d. None of the above are correct.