The payment of a given sum of money each year that continues indefinitely into the future is known as
a. a perpetuity
b. a lottery
c. a term payment
d. a permanent annuity
e. an indefinite annuity
A
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Which of the following displays these two characteristics: nonrivalry and excludability?
A) public goods B) private goods C) quasi-public goods D) common resources
If the utility for two goods "x" and "y" can be measured as U = x, then it can be concluded that
A) "x" and "y" are perfect complements. B) "y" is a "bad". C) the indifference curves on the x,y graph are upward sloping where "x" is measured on the horizontal axis. D) the indifference curves on the x,y graph are vertical where "x" is measured on the horizontal axis.
Allocative efficiency means that
a. firms have maximized production b. all mutually beneficial trades have taken place c. the next unit sold will increase total surplus d. producer surplus is maximized e. no mutually beneficial trades have occurred
An individual who holds some of her wealth in the form of money in order to pay rent and buy groceries is illustrating the transactions demand for money
a. True b. False Indicate whether the statement is true or false