The liquidity-preference model was first introduced in:
A. 2008 by Ben Bernanke.
B. 1936 by John Maynard Keynes.
C. 1776 by Adam Smith.
D. 1970 by John Kenneth Galbraith.
B. 1936 by John Maynard Keynes.
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When the price of ulcer medication increased by $20 per 100 tablets, a drug company's revenue increased by $10 million. Its elasticity of demand coefficient (in absolute terms) must be: a. zero
b. greater than one. c. less than one. d. infinitely large.
Econville opens up trade with its neighboring countries. This causes the number of sellers of science fiction novels to increase. What happens to the equilibrium price and quantity?
a. Price and quantity both increase. b. Price decreases, and quantity increases. c. Price increases, and quantity decreases. d. Price and quantity both decrease.
When there is an excess supply of a product in an unregulated market, the tendency is for
A. quantity demanded to decrease. B. price to rise. C. price to decrease. D. quantity supplied to increase.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Mr. Lingle?s budget constraint is AC. Point A is
A. not in Mr. Lingle's opportunity set but is on his budget constraint. B. an available option and Mr. Lingle exactly spends all of his income. C. an available option and Mr. Lingle does not spend all of his income. D. not available because it represents a combination of gardenburgers and beer that Mr. Lingle cannot purchase with his current income.