United States coins and currency are backed by
A. reserves of foreign currencies.
B. confidence that they will retain their value.
C. silver.
D. gold.
Answer: B
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A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price. b. price is less than equilibrium price. c. quantity demanded is less than quantity supplied. d. goods are scarce. e. some of the people who need the product are not willing and able to buy it at the equilibrium price.
The income elasticity of demand for ________ goods tends to be positive, while demand for ________ goods tends to be negative
a. normal; inferior b. inferior; normal c. necessary; luxury d. luxury; necessary
Refer to the graph shown. If this monopolist were allowed to choose the profit-maximizing level of output, it would charge a price of:
A. $2. B. $12. C. $3. D. $8.
Recall the Application about how having car insurance affects driving behavior to answer the following question(s).Recall the Application. The theory of moral hazard suggests that uninsured drivers drive less carefully than insured drivers.
Answer the following statement true (T) or false (F)