Par value is the
A. Rate of interest to be paid on a bond.
B. Increase in the market value of an asset.
C. Rate of return on a share of stock.
D. Face value of a bond; the amount to be repaid when the bond is due.
Answer: D
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A simultaneous increase in both the demand for computers and the supply of computers must increase
a. the number of computers bought and sold. b. the price of computers. c. both the equilibrium price and quantity of computers. d. the shortage of computers in the market.
The estimated price elasticities of demand for the products listed in the table as "Product A" are from Table 6-2 in the text
Indicate whether the products listed as "Product B" will have a more elastic or less elastic demand than the corresponding Product A. Product A Estimated Elasticity for Product A Product B Is Estimated Elasticity for Product B More Elastic or Less Elastic than for Product A? Beer -0.29 Samuel Adams Boston Lager Chicken -0.37 Organically raised chicken Cocaine -0.28 Illegal narcotics Cigarettes -0.25 Marlboro Lights Restaurant meals -0.67 Denny's Grand Slam breakfast
An aggregate supply curve with a positive slope is associated with an economy in which: a. input prices and final goods prices always change by the same amount
b. firms expect output prices to be unaffected by changes in input prices. c. nominal wages and salaries do not change much in the short run. d. firms expect consumer demand to be unaffected by changes in prices of final goods.
Behavioral economics recognizes that people use System 1 to make decisions more often than they use System 2. Which of the following is an implication of that decision-making process?
A. A majority of decisions are not made according to the neoclassical assumption of rational behavior. B. Most decisions involve careful calculation of costs and benefits. C. Even though most decisions are irrational, the neoclassical model still accurately predicts outcomes. D. System 1 is best at making optimal decisions.