European governments accepted prolonged periods of unemployment in the 1990s in order to reduce inflation
a. True
b. False
Indicate whether the statement is true or false
True
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Cost-benefit analysis of international trade
A) is basically useless. B) is empirically intractable. C) focuses attention primarily on conflicts of interest within countries. D) focuses attention on conflicts of interest between countries. E) never leads to government intervention in international trade.
A risk-preferring person is willing to pay
A) a risk premium. B) a fee to make a fair bet. C) to obtain decreasing marginal utility. D) None of the above.
The substitution effect occurs when a good becomes more expensive and people seek out alternative goods
a. True b. False Indicate whether the statement is true or false
Total cost includes:
A. the amount the firm spends on all inputs that go into the production of a good or service. B. one-time expenses and ongoing expenses. C. forgone opportunity costs. D. All of these are true.