The statement "An increase in the price of gasoline will lead to a decrease in the amount purchased" is
A) a political statement.
B) a positive statement.
C) a normative statement.
D) a scientific statement.
B
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If an external benefit is present in the consumption of a good or service, then
A) there can be no external cost. B) the marginal social benefit is greater than the marginal private benefit. C) the marginal social benefit is equal to the marginal private benefit. D) the marginal private benefit is equal to the marginal social benefit plus the marginal external benefit. E) the marginal external benefit is equal to the marginal private benefit minus the marginal social benefit.
Selective attention refers to the ability to
a. focus on unimportant details. b. keep all information out of memory. c. consider all information that is available. d. focus on elements of a problem and find solutions
Other things the same, as the price level rises,
a. the interest rate rises causing aggregate demand to shift. b. the interest rate rises causing a movement along a given aggregate-demand curve. c. the interest rate falls causing aggregate demand to shift. d. the interest rate falls causing a movement along a given aggregate-demand curve.
In response to the financial crisis of 2007-2009, the Federal Reserve
A. raised the fed funds rate from 2.0 percent to 5.25 percent. B. raised the discount rate from 2.0 percent to 5.25 percent. C. cut the fed funds rate from 5.25 percent to 2.0 percent. D. cut the discount rate from 5.25 percent to 2.0 percent.