An example of a fungible commodity is:
A. oil.
B. gold.
C. aluminum.
D. All of these are fungible commodities.
D. All of these are fungible commodities.
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Refer to the figure above. Suppose Starbucks charges $3.50 per cup for its latte. Which of the following is true?
i. At this price, the demand for Starbucks latte is inelastic. ii. If Starbucks raises the price of its latte, its revenue will increase. iii. If Starbucks lowers the price of its latte, it will increase its revenue. A) Only iii B) Only i C) Only ii D) i and ii E) i and iii
When the nominal interest rate increases, the quantity of credit card services
A) increases. B) decreases. C) stays constant. D) moves in unpredictable ways.
Which one of the following is NOT a characteristic of public goods?
A) They are indivisible. B) It is difficult to charge people on the basis of how much they use. C) Public goods can be used by increasing numbers of people at no additional cost. D) Public goods are subject to the principle of rival consumption.
Because there is no way to account for them, the official unemployment rate does not include discouraged workers. What would happen to the unemployment rate if, because of a program that gave them new hope, all discouraged workers suddenly begin reporting themselves as ready to work?
a. The official unemployment rate would remain unchanged. b. The size of the labor force would increase. c. The size of the labor force would remain unchanged. d. The official unemployment rate would decrease. e. The size of the underground economy would shrink.