Wartime inflation occurs when war requires a country to shift resources away from efficient uses into war-related production
Indicate whether the statement is true or false
True
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If a consumer spends all of his or her income and the marginal utility per dollar is equal for all goods, then
A) marginal utility is maximized. B) total utility is maximized. C) a consumer could not be better off even with greater income. D) the proportion of income spent on each good must be equal.
According to the principle of utilitarianism:
A. society should place equal weight on the well-being of every individual. B. society should place all weight on the well-being of its worst-off member. C. society should place all weight on the well-being of its best-off member. D. equal division of society's resources among all members of the population is the most equitable outcome.
A reduction in regulation will shift the aggregate:
A. supply curve leftward. B. supply curve rightward. C. demand curve leftward. D. demand curve rightward.
When an individual's purchasing power changes due to a change in the price of a good or service, this is referred to as
A. real-income effect. B. substitution effect. C. marginal effect. D. utility effect.