Saving is an example of
A. exchanging capital for cash.
B. trading present benefits for future benefits.
C. exchanging scarce resources for unlimited resources.
D. trading future benefits for present benefits.
Answer: B
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Suppose some people like national defense and others are offended by it -- i.e. some people derive positive marginal benefit and others derive negative marginal benefit. Efficiency then demands that national defense is produced until the sum of the positive marginal benefits is equal to the (absolute value) of the negative marginal benefits.
Answer the following statement true (T) or false (F)
You can buy a season ticket to the Metropolitan Opera for $800. A season ticket plan to see the New York Knicks is $1600. Which of the following is a CORRECT statement?
A) The money price of opera tickets is 1/2 of a Knicks ticket per opera ticket. B) The opportunity cost of a Knicks ticket is 2 opera tickets per Knicks ticket. C) The relative price of an opera ticket is $800. D) the money price of a Knicks ticket is 2 opera tickets per Knicks ticket.
The quantity of money that people choose to hold is
A) positively related to the nominal interest rate. B) positively related to real GDP. C) negatively related to the price level. D) positively related to the availability of ATM machines.
Networks are the result of product differentiation
Indicate whether the statement is true or false