Refer to the scenario above. If Frank discounts delayed utilities with a weight of 9/10, then which of the following statements is true?
A) He will eat both hotdogs and ice cream.
B) He will eat hotdogs but avoid ice cream.
C) He will eat ice cream but avoid hotdogs.
D) He will avoid consuming both hotdogs and ice cream.
D
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The crowding out effect is often associated with
A) a temporary increase in taxes. B) the reinforcing impact of state and local tax changes on federal tax changes. C) the impact of a tax rate increase when the aggregate supply function is horizontal. D) an increase in the interest rate caused by government borrowing.
The idea of "diminishing returns" means that real GDP ________ as the quantity of labor increases
A) increases at a slower rate B) decreases at a slower rate C) increases at a faster rate D) decreases at a faster rate E) does not change
Some economists argue that monopolistically competitive markets are inefficient because:
A. the firms earn economic profits in the long run. B. the firms' marginal costs and marginal revenues are not always equal. C. firms do not produce the output rate that would minimize their average total cost. D. barriers to entry are high.
Monetarists believe that the underlying economy is stable.
Answer the following statement true (T) or false (F)