A consumer who has chosen the right mix of goods and services to maximize his or her utility is said to have achieved
A. consumer optimum.
B. consumer surplus.
C. consumer benefit.
D. consumer equilibrium.
Answer: A
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The United States became a net international debtor in 1985 for the first time since World War I
Indicate whether the statement is true or false
Workfare requires able-bodied individuals to participate in work-related activities in order to receive transfer payments.
A. True B. False C. Uncertain
If Sam receives a pay cut and the income effect outweighs the price effect on his labor supply decision, he will:
A. work more hours. B. work less hours. C. work the same hours no matter what. D. quit and not work at all.
The ratio between the percentage change in the quantity demanded (Qd) or supplied (Qs) and the corresponding percentage change in price is called:
a. price elasticity. b. cost elasticity. c. demand elasticity. d. supply elasticity.