In the short run, some costs are fixed
a. True
b. False
Indicate whether the statement is true or false
True
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The money supply would tend to rise if:
a. banks decide to keep more excess reserves and people convert more of their demand deposits to currency. b. banks decide to keep more excess reserves and people deposit currency in their demand deposit accounts. c. banks decide to keep fewer excess reserves and people deposit currency in their demand deposit accounts. d. banks decide to keep fewer excess reserves and people convert more of their demand deposits to currency.
One of the defining characteristics of a perfectly competitive market is
a. a small number of sellers b. a large number of buyers and a small number of sellers c. a standardized product d. significant nonprice competition among firms e. an inefficient information system
In developing economic theories, principles, or models, economists:
a. ignore important variables. b. remove clutter and simplify. c. include all possible factors. d. consider every possible outcome.
Which of the following is NOT true of utility?
A. It represents the want-satisfying power of a good. B. The utility that a good provides depends on a consumer's preferences. C. Utility can be measured objectively. D. It is measured using a representative unit called a util.