The main reason for holding _______ instead of ______ is that _______ is (are) useful for buying things.
a) bonds; money; bonds
b) demand deposits; currency; demand deposits
c) currency; demand deposits; currency
d) money; interest-bearing assets; money
e) interest-bearing assets; money; interest-bearing assets
Answer: d) money; interest-bearing assets; money
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"Supply curves are upward sloping" is a graphical way of saying
a. supply equals demand b. price and quantity supplied are inversely related c. price and quantity demanded are directly related d. price and quantity supplied are directly related e. price and quantity demanded are inversely related
Suppose Eddie's demand curve for text messages is T = 150 - 500Pt, where T stands for the number of text messages and Pt represents the price of text messages. What is Eddie's consumer surplus if Pt = $0.05 per message?
A. $5.00 B. $7.81 C. $15.63 D. $31.25