Which of the following is an accurate statement about rationality?
a. Rationality is the same for all people.
b. Rationality is subjective.
c. Rationality yields mostly satisfying results.
d. Rationality uses complex formulas.
b. Rationality is subjective.
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A double coincidence of wants problem can be overcome by
A) commodity money. B) fiat money. C) banks. D) all of the above.
For a monopsony buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit. B) is less than the average expenditure per unit. C) equals the average expenditure per unit. D) any of the above could be true.
You see on the news that a recession has started in Saudi Arabia. Which of the following would happen in the market for Saudi riyals?
a. A decrease in the supply of riyals and an appreciation of the riyal. b. An increase in the supply of riyals and a depreciation of the riyal. c. A decrease in the supply of riyals and a depreciation of the riyal. d. An increase in the supply of riyals and an appreciation of the riyal. e. Cannot be determined without additional information.
An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in:
A. macroeconomic research. B. microeconomic research. C. empirical research because there is no economic theory related to these variables. D. theoretical research because there is no data on these variables.