The most populous state in the U.S. is:
a. Illinois
b. California
c. Michigan
d. Georgia
B
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If textbook prices rise by 5% this year, and textbook purchases fall by 5% this year, then the price elasticity of demand is:
A) .05. B) .10. C) .55. D) .95. E) 1.0.
The fact that at the competitive equilibrium nobody can be made better off without making someone else worse off implies that
A) the equilibrium is pareto efficient. B) the equilibrium is not pareto efficient. C) the prices need to adjust further. D) further gains from trade are possible.
Economic profits and the performance of stock
A) are independent of each other. B) are negatively related. C) are positively related. D) are positively related only during downturns in the business cycle.
According to the real-balance effect, an increase in the price level will
A. decrease total planned real expenditures because of an increase in interest rates. B. decrease total planned real expenditures as a result of a decrease in the real value of money balances. C. leave total planned real expenditures unchanged since the price level of all goods has increased. D. lead to a corresponding increase in total planned real expenditures since businesses are now earning higher profits.