Perfectly inelastic demand is represented by a demand curve which is ________, and relatively inelastic demand is represented by a demand curve which is ________
A) downward sloping; vertical
B) horizontal; downward sloping
C) vertical; downward sloping
D) upward sloping; horizontal
Answer: C
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The colonial region with the smallest deficit with the United Kingdom between 1768–1772 was
(a) New England (b) the Middle Colonies (c) the Southern Colonies (d) the New England and Middle Colonies
Economists have found that some risky behaviors increase and preventative medicine use decreases when individuals in the U.S. turn 65 and qualify for Medicare (public health insurance). This phenomenon is most consistent with which of the following concepts?
a. Moral hazard b. Time inconsistency c. Availability bias d. Confirmation bias
Which of the following equations is accurate?
a. M × V = P × Q = nominal GDP b. M ÷ V = P × Q = nominal GDP c. M × V = P ÷ Q = nominal GDP d. M + V = P + Q = nominal GDP
When money is used to purchase goods and services, it serves as a:
A. medium of exchange. B. store of value. C. unit of account. D. double coincidence of wants.