Lisa views pizzas and burritos as goods. If she prefers a bundle of 4 burritos and 4 pizzas to a bundle of 4 burritos and 5 pizzas, which property of consumer preference is violated?
What change in the assumptions could lead a rational consumer to prefer the first bundle?
The property of more-is-better is violated. However, if pizza is a bad, then a rational consumer would prefer the first bundle.
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A tavern is likely to have a ________ price elasticity of supply than does an antiques dealer due to ________.
A. less elastic; a shorter adjustment time B. less elastic; a longer adjustment time C. more elastic; availability of inputs D. less elastic; availability of inputs
If the FOMC decides that the Fed should buy bonds it
A. requires the permission of the Financial Oversight Committee. B. requires the President's signature on the buy order. C. instructs the New York Federal Reserve Bank's trading desk to buy them. D. asks the Congress for permission to buy them.
The U.S. government
A. intervenes to prevent the monopolization of any market. B. forbids the creation of legal impediments to entry into any market. C. intervenes to prevent the monopolization of some markets and actively encourages the monopolization of others. D. encourages the permanent monopolization of all markets in which the monopolist has technical superiority over potential competitors.
Mortgage-backed securities became a significant issue because I. housing prices fell across all regions. II. these securities were not as widely distributed as previously thought
a. I above only b. II above only c. both I and II above d. neither I nor II above