Exogenous changes in spending refer to changes in planned spending:
A. caused by changes in output.
B. caused by changes in the real interest rate.
C. not caused by changes in output or changes in the inflation rate.
D. caused by changes in the inflation rate.
Answer: C
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The cross elasticity between computers and software is
A) negative because they are substitutes. B) positive because they are substitutes. C) negative because they are complements. D) positive because they are complements. E) positive because they are normal goods.
Average variable costs:
A. decrease when output declines, and increase when output declines. B. increase when marginal product rises, and decrease when marginal product declines. C. decrease when marginal product rises, and increase when marginal product declines. D. increase when output declines, and decrease when output rises.
Impulse control problems can arise when people:
A. discount the future too little. B. place too much weight on future costs and benefits. C. place too little weight on current costs and benefits. D. discount the future too heavily.
In economics, when discussing Tessa's "demand for money," we mean
a) how much cash Tessa would like to have b) the income that Tessa would need, per time period, to satisfy her minimum living requirements c) how much wealth Tessa would like to have d) the quantity of Tessa's financial assets that she wishes to hold in non-interest-bearing form e) all of the above