An example of a real-life rule that might constrain people's behavior is:
A. having 24 hours in a day.
B. the earth's limited supply of oil.
C. minimum wage legislation.
D. All of these are examples of real-life rules.
Answer: D
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Ben's Peanut Shoppe suffers a short-run loss. Ben will not choose to shut down if
A) his Shoppe's total revenue exceeds his capital costs. B) his Shoppe's total revenue exceeds his implicit costs. C) his Shoppe's total revenue exceeds his fixed cost. D) his Shoppe's total revenue exceeds his variable cost.
The Federal Reserve can directly affect its monetary policy ________, which then affect its monetary policy ________
A) goals; targets B) targets; tools C) targets; goals D) goals; tools
If your income goes up by 2% and, in response, the quantity demanded of good x falls by 3%, the good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
The distinguishing feature of the land market is that the
a. supply is highly inelastic. b. supply is highly elastic. c. demand is highly inelastic. d. demand is highly elastic.