A consumer maximizes utility by allocating time so that the expected marginal utilities of the last unit of time spent in each activity are identical
a. True
b. False
A
Economics
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If the price of a product increases by 5 percent and the quantity demanded decreases by 5 percent, then the elasticity of demand is
A) 0. B) 1. C) indeterminate. D) 5. E) 25.
Economics
The idea that supply creates its own demand is known as
A) the law of supply. B) the law of demand. C) Keynes' law. D) Say's law.
Economics
In the U.S., the organization that is responsible for monetary policy is
a. the Congress. b. the President. c. the Federal Reserve. d. a cartel of private banks. e. the Supre
Economics
According to the equation of exchange, total spending will rise if the money supply decreases and velocity is stable.
Answer the following statement true (T) or false (F)
Economics