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State whether the following is true or false. Explain your answers.
a. Daniel consumes food and newspapers. Given that these are the only two goods he consumes, it is possible for both food and newspapers to be inferior goods for Daniel.
b. Sister Prudence, a nun in the Dominican order (a Catholic religious order), has taken a vow of poverty. Her preferences must therefore violate one of the assumptions underlying utility theory.
c. If all prices and all income increases by 10%, it should not affect the optimal choice or wellbeing of the consumer. Because of that, inflation is not important.
Draw a production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combinatio
Jim likes to go to church but he also likes to drink wine. unfortunately for jim the consumption of one of these goods reduces the enjoyment of the other. draw the indifferenc
Describe Excess reserves make a bank less vulnerable to runs. why, then, don't bankers like to hold excess reserves. What circumstances might persuade them that it would be
To apply supply side economics, given that only 40% of the tax credits given to businesses are reinvested, how much tax credit do investors need to move the economy to the ful
Explain how each of the following will affect the AD curve (shift left, or right, or no shift), and identify in each case the specific component(s) of AD that is/are affected:
Suppose you purchase a 30-year, zero-coupon bond with a yield to maturity of 6%. You hold the bond for five years before selling it. If the bond's yield to maturity is 6% when
Assume that wages and prices are sticky and that we start at a long-run equilibrium. What is the inflation rate at the initial long-run equilibrium (the point where we start)?
Suppose the market for gasoline is in equilibrium. Draw a diagram below of such a market. Next, suppose that it is found that com can be used to produce ethanol, which can be
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