A decrease in supply will cause the largest increase in price when
a. both supply and demand are inelastic.
b. both supply and demand are elastic.
c. demand is elastic and supply is inelastic.
d. demand is inelastic and supply is elastic.
a
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The opportunity cost of holding money is
a. the dollar cost necessary to change other assets into money b. the time cost of accessing funds c. the value of the goods and services a person is able to obtain with the money d. the interest a person could have earned by holding other forms of wealth instead e. zero, because opportunity costs only apply to real assets, goods and services
The quantity equation implies that any decrease in the money supply has to lead directly to:
A. a decrease in P. B. an increase in Y. C. a decrease in Y. D. an increase in P.
A surprising outcome of the Rock-Paper-Scissors game is that
A) it is a clear example of a first mover advantage. B) there is no pure-strategy Nash equilibrium. C) it is best not to play the game. D) it is a good way to determine who goes first in a sequential move game.
Discrimination that occurs when someone assigns the properties of a group to a particular individual who is a member of that group is known as
A) taste-based discrimination. B) indirect discrimination. C) justifying discrimination. D) statistical discrimination.