In economic utility analysis, consumer tastes and preferences are assumed
A) to be determined by income.
B) to be influenced by the prices of goods.
C) given and stable for an individual.
D) given but rapidly changeable.
Answer: C
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
When online seller Amazon sets the default mail option as two-day mailing instead of the free-shipping option, it is employing:
A. a RECAP. B. a nudge. C. a push. D. a tax.
Which of the following statements correctly describes perfectly competitive market equilibrium?
A) There is always excess supply or excess demand when the market is in equilibrium. B) Multiple equilibriums are possible for a given set of demand and supply curves. C) Government intervention is necessary for the market to reach equilibrium. D) Any deviation from equilibrium is automatically restored.
In the United States, if a customer at HDFC bank writes a check and the recipient of the check deposits the check in Citibank, then the check is cleared by:
A) Citibank. B) the Fed. C) HDFC bank. D) either HDFC bank or Citibank.