Checks are NOT money because they
A) are issued by banks, not by the government.
B) are merely instructions to transfer money.
C) have value in exchange but little intrinsic value.
D) are not backed by either gold or silver.
B
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Which of the following was an effect of the price ceiling placed on gasoline in the U.S. in the 1970s?
A) Car owners started buying luxury cars that were less fuel-efficient as the price of gas was very low. B) Gas stations ran out of gas as the quantity of gas demanded exceeded the quantity supplied. C) Those who valued gas the most were able to buy gas under the price ceiling. D) The inventory of unsold gas increased and gas stations incurred losses.
Suppose that an economy is currently producing at a point that lies inside of its production possibilities set. Which of the following would best explain this circumstance?
A) The prevailing level of technology prevents the economy from producing at a point closer to the frontier of the production possibilities set. B) The economy does not have enough resources to produce at a point closer to the frontier of the production possibilities set. C) The economy is experiencing a high level of unemployment. D) Any of the above statements could explain this situation. E) None of the above statements could explain this situation.
Over the past fifty years, the proportion of women in the workforce has ______.
a. increased dramatically b. increased slightly c. remained steady d. decreased slightly
Katie just finished a bottle of Coke. Using the concept of marginal utility, we can say:
A. the utility she will gain if she drinks another will increase her total utility. B. the utility she will gain if she drinks another will be the same as that of her first. C. the utility she will gain may or may not reduce her total utility. D. the utility she will gain if she drinks another will reduce her total utility.