Refer to Table 4.1. Mike's preferences are consistent with the Ranking Principle because:
A. the two goods are perfect complements.
B. there are no empty cells.
C. in each column, the choices at the top are ranked lower than the choices at the bottom.
D. in each column, the choices at the top are ranked higher than the choices at the bottom.
B. there are no empty cells.
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Marge would like her husband Homer to drink less beer. All of the following are ways she could encourage Homer to drink less beer except
A) pay him to drink less beer. B) convince him that beer is good for his health. C) refuse to cook dinner for him if he does not cut back on his beer drinking. D) make him pay her $10 for every beer he drinks.
Which of the following is true regarding a price support set above the equilibrium price?
i. The price support increases the price consumers pay. ii. The price support creates a deadweight loss. iii. The price support decreases output. A) i and ii B) i and iii C) iii only D) i, ii, and iii E) i only
If workers and firms raise their inflation expectations,
A) unemployment will fall. B) the short-run Phillips curve will be vertical. C) the short-run Phillips curve will shift upward. D) actual inflation will fall to match expected inflation.
One way the government can introduce competition into a monopoly industry is to:
A. break up the company along different stages of the production process. B. split it vertically. C. split it horizontally. D. All of these statements are true.