Government plays a role in which type of economy?
A. Only free-market economies like the United States
B. Only socialist economies
C. Only mixed economies
D. All economies
Answer: D
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If Katie purchases two slices of pizza and six breadsticks to maximize her total utility, then
A) a slice of pizza costs three times as much as a breadstick. B) a breadstick costs three times as much as a slice of pizza. C) her marginal utility from the second slice of pizza divided by the price of a slice of pizza is equal to her marginal utility from the sixth breadstick divided by the price of a breadstick. D) Both answers A and C are correct.
An important reason why Ricardian equivalence may fail is if
A) borrowing and lending are done through intermediaries. B) government debt incurred today may not be paid off until after some current consumers are deceased. C) state and local governments also engage in debt finance. D) some consumers are borrowers, while other consumers are lenders.
In a system of 100-percent-reserve banking, changes in the money supply depend on the decisions of the Fed as well as the behavior of depositors and bankers
a. True b. False Indicate whether the statement is true or false
Referring to the Production Possibilities Frontiers in Figure 1.11 A and B, which depicts generalized growth when there is constant opportunity cost?
Figure 1.11
A. Fig. A B. Fig. B C. Either Fig. A or B is correct D. Neither Fig. A nor B are correct