According to the ideas behind utilitarian justice, a dollar in the hands of a rich person is worth less than a dollar in the hands of a poor person.
Answer the following statement true (T) or false (F)
True
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? In Figure 5-13, the consumer is better off
A. at A than at E. B. at B than at D. C. at any point on U2than at any point on U1. D. All of the responses are correct.
Assume a new technology further reduces the cost of producing calculators. Also assume that consumers have cut back on their scheduled purchases in anticipation of even more cost-saving developments. As a result, we can expect
a. a decrease in price but no predictable change in output. b. a decrease in output but no predictable change in price. c. an increase in output but no predictable change in price. d. a predictable decrease in both output and price.
A decrease in supply:
a. Refers to a leftward shift in the supply curve b. Is likely to result from the decrease in the price of a productive resource c. Refers to a downward movement along a supply curve d. Has the same meaning as the phrase "a decrease in quantity supplied"
On average over the last century, the U.S. population has grown three times as fast as the U.S. real GDP.
Answer the following statement true (T) or false (F)