Monetarists argue that the interest elasticity of the demand for money is
a. low, while Keynesians say it is high.
b. important in terms of affecting economic activity.
c. highly variable.
d. an important factor in determining if velocity is stable or unstable.
C
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From the information in the above table, what is the marginal utility of the third quart of ice cream?
A) 80 B) 70 C) 60 D) 230
Which of these is an example of economies of scale?
(A) A restaurant charges customers $1 a glass for water that was once provided for free. (B) A ranch increases its profits by expanding from 400 to 800 cattle without buying or renting additional land. (C) An Internet access company charges customers different rates for using the Internet at different times of day. (D) A shoe store finds it can increase profits by hiring high school students who are willing to work for minimum wage.