From the economic point of view, what does a professor who posts her syllabus on the Internet and a restaurant that posts its menu outside have in common?
A) They are attempting to exploit others.
B) They are reducing competition.
C) They are expanding the range of opportunities available to others.
D) They are solely in it for the money.
C
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Can phenomena as diverse as pencil production and highway traffic be legitimately studied by economists?
A) No. One is properly in the field of business, the other in city planning. B) No. Although production is properly in the field of economics, highway traffic is only properly studied by planners and environmentalists. C) Yes. Both phenomena emerge from choices of individuals with limited information. D) Yes. Both phenomena emerge in the market system without any human intervention.
When economists speak of the demand for money, they refer to the amount of money people would like to hold
a. given that it can only be printed slowly b. in the best of all possible worlds c. in their bank accounts rather than their wallets d. at each interest rate e. rather than spend