For the period 1947-2012, the behavior of the U.S. money supply is best characterized as
A) nearly constant over time.
B) somewhat smoother than GDP.
C) somewhat more volatile than GDP.
D) extremely volatile and unstable.
B
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For computers and other business equipment, small changes in business earnings tend to generate relatively large short-run changes in the demand for this equipment, and the long-run income response tends to be smaller
Industries that face demand behavior of this type are known as: A) natural monopolies. B) cartels. C) cyclical industries. D) constant-cost industries.
A local restaurant offers an "all you can eat" buffet for $15 . Mia eats four servings but leaves half of a fifth helping uneaten. Why?
a. Her marginal value of a serving of brunch has fallen below $15. b. Her marginal value of a serving has fallen below $3 ($15 divided by 5 servings). c. Her marginal value of food has fallen to zero. d. The total value she places on the buffet exactly equals $15.