An important determinant of velocity is the rate of interest.
Answer the following statement true (T) or false (F)
True
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Economic magnitudes measured at the prices actually paid are referred to as ________ magnitudes
A) "real" B) "actual" C) "nominal" D) "unadjusted" E) "gross"
The difference in prices for first-class and coach airline tickets exemplifies price discrimination
a. True b. False Indicate whether the statement is true or false
A society consists of three individuals: Larry, Margaret, and Nina. In terms of income and utility, Larry is currently best-off, Margaret ranks in the middle, and Nina is worst-off. Which of the following statements is correct?
a. Utilitarianism suggests that government policies should strive to maximize the sum of all three individuals' utility. b. Liberalism suggests that government policies should strive to maximize the sum of Larry's utility and Nina's utility. c. Libertarianism suggests that government policies should strive to make Nina better off at the cost of Larry and Margaret. d. Utilitarianism suggests that the government policies should strive to make Nina better off than Margaret.
Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
A. Price will increase, and quantity will increase. B. Price will decrease, and quantity will decrease. C. Price will decrease, and quantity will increase. D. Price will increase, and quantity will decrease.