Interest rates spreads between long-term and short-term Treasury bills ________
A) are countercyclical
B) are good predictors of recessions
C) are a lagging indicator
D) all of the above
E) none of the above
B
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Assume consumers eat either rice or pasta for dinner every night. If the price of rice increases, then one would expect to see:
A. an increase in the quantity of pasta demanded. B. a decrease in the demand for pasta. C. a decrease in the quantity of pasta demanded. D. an increase in the demand for pasta.
Which of the following goods has a perfectly inelastic supply?
A) insulin B) Diet Pepsi C) the original portrait of "Whistler's Mother" D) compact discs by Bush
Which of the following is true of public goods?
a. They can only be supplied by the government. b. They will tend to be supplied efficiently by the private sector when markets are competitive. c. It is difficult to establish a one-to-one link between payment and receipt of such goods. d. From an efficiency standpoint, private markets will tend to supply an excessively large amount of public goods.
Landon increases his consumption of Good X and Good Y when his income increases. For Landon
A. Good X and Good Y are substitute goods. B. Good X and Good Y are complement goods. C. Good X and Y are normal goods D. Good X is an inferior good.