Which of the following will lead to a movement along the same demand curve?
A. Changes in income
B. Changes in the price of substitute goods
C. Changes in the price of the product
D. Changes in the preference of the consumer
Answer: C
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If we look at the equation for money demand from Irving Fisher, which of the following statements is true?
A. Money demand is not a factor of nominal income B. The price level does not impact money demand C. There isn't an explicit role for the interest rate in the equation D. Velocity does not play any role in the equation
Which of the following is not a widely acknowledged problem with using the CPI as a measure of the cost of living?
a. substitution bias b. introduction of new goods c. unmeasured quality change d. unmeasured price change
During a presidential campaign, the candidates from each party typically describe their plans to maintain or change federal taxes on personal and business income. Are these policy statements generally positive or normative in nature?
A. Both positive and normative B. Positive C. Normative D. Neither positive or normative
In laboratory experiments, the behavior of players in the ultimatum game suggests that people:
A. value fairness. B. act in their own narrow self-interest. C. have impulse control problems. D. are deceitful.