You're buying snacks for an Econ Club meeting. You've been given $100 to spend on chips and soda. If bags of chips cost $3 each and Soda costs $1 each, how much of each can you buy?
A. 40 bags of chips and 10 sodas
B. 10 bags of chips and 75 sodas
C. 25 bags of chips and 25 sodas
D. 30 bags of chips and 15 sodas
Answer: C
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The Federal Reserve could target both the money supply and the interest rate at the same time if it controlled money demand along with money supply
Indicate whether the statement is true or false
Keynes argued that while the government should ensure that the overall level of aggregate demand is sufficient for an economy to reach full employment, the government should not attempt to set _________________.
a. export levels and wages b. wages and benefits c. prices and import levels d. prices and wages
Barriers to entry might include all of the following EXCEPT
A) patents and copyrights. B) ownership of essential resources. C) government franchise. D) positive economic profits.
A firm earns a profit if
A. price equals marginal cost. B. total revenue exceeds the total cost of production. C. price is less than the total cost of production. D. total revenue equals total fixed costs.