According to the equation of exchange, if V = 5, P = 100, and Q = 10, the M is:
a. 20.
b. 10.
c. 500.
d. 1,000.
e. 200.
e
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Suppose you see a 2006 Scion xB Sport Wagon advertised in the local newspaper for $8,500. If you knew the car was reliable, you would be willing to pay $10,000 for it
If you knew the car was unreliable, you would only be willing to pay $5,500 for it. Under what circumstances should you buy the car?
Consumer preferences
a. do not vary from one consumer to another b. have little to do with personal tastes and income c. are not influenced by the utility of goods d. are individual evaluations of goods and services e. can be objectively measured and compared across individuals
Which of the following are the three fundamental economic questions?
a. What to produce, when to produce, and where to produce b. What time to produce, what place to produce, and how to produce c. What to produce, when to produce, and for whom to produce d. What to produce, how to produce, and for whom to produce
The vertical axis of a graph that shows a market supply curve indicates the
A. various quantities of output at which the market will be cleared. B. cost of the amount of output produced. C. number of sellers who are in the market for this product. D. prices at which firms would be willing and able to sell their different products.