Which of the following statements concerning utility as a measure for well being are false?
A) There is generally a positive relationship between income and utility.
B) It is possible to determine which of two individuals is made happier by consuming a particular market basket.
C) Utility is an abstract representation of an individual's degree of happiness.
D) Cross country studies suggest that citizens in wealthier countries are happier than citizens in poorer countries.
B
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From 1860 to 1910, U.S. mobility between social classes and occupations
(a) distracted immigrants. (b) increased the potential migrant's opportunity cost of staying in Europe. (c) attracted immigrants to the U.S. (d) decreased foreign investment in the U.S.
If the inflation rate is higher than expected, real income is redistributed from lenders to borrowers
a. True b. False
When a decision is made based on a simple majority vote it is possible for the total benefits to the community of this decision to be less than the total costs to the community of this decision
Indicate whether the statement is true or false
In order to maximize its profits, a firm that hires workers in a perfectly competitive labor market will hire workers until the:
A. extra revenue generated from hiring another worker equals the extra cost of hiring that worker. B. the marginal wage rate equals marginal product of the last worker. C. extra revenue generated from hiring another worker equals the extra profit from hiring that worker. D. the marginal product of labor begins to decline.