________ is the relative ease and speed with which an asset can be converted into a medium of exchange
A) Efficiency
B) Liquidity
C) Deflation
D) Specialization
B
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Two types of barriers to entry are called ________ barriers to entry and ________ barriers to entry
A) legal; illegal B) natural; legal C) natural; illegal D) natural; rent seeking E) ownership; rent seeking
Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound and bananas cost $1 per pound. The marginal utility is 24 for the last pound of mangos purchased and 10 for the last pound of bananas
To maximize his utility, Robinson should buy A) more mangos and fewer bananas. B) more bananas and fewer mangos. C) the present combination of goods. D) only mangos.
Which of the following may result in a higher equilibrium price for a product?
a. Advertising b. Expectations c. Imperfect information d. All of the above answers are true. e. None of the above answers a.-c. are true.
At lower rates of inflation and higher rates of unemployment, the slope of the Phillips curve is a. very steep. b. vertical
c. horizontal. d. less steep.