Which of the following concepts does not represent basic trade-offs faced by a government?
A. The Phillips curve.
B. Fine-tuning.
C. Opportunity costs.
D. The production possibilities curve.
Answer: B
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The increase in the demand for widgets, shown in the figure above, is the result of an increase in income. Therefore, widgets
A) are a normal good. B) are an inferior good. C) are elastically demanded. D) are inelastically demanded.
What does the marginal rate of substitution measure?
A) It measures the rate at which a consumer is willing to trade off one product for another while keeping utility constant. B) It measures the rate at which a consumer will substitute one good for another when the price of one good changes. C) It measures the rate at which a consumer must give up one good to purchase another good. D) It measures the change in utility from consuming one additional unit of a good.
We should expect to see home construction activity decrease when interest rates increase
a. True b. False Indicate whether the statement is true or false
In an oligopoly market, the Nash Equilibrium a. is a stable outcome despite providing a lower total profit level. b. leads to zero economic profit once the equilibrium is reached. c. results in a output level below that for a monopoly
d. always result in the maximum profit for all firms.