Flow variable measures the dollar amount of goods at a specific point in time.
a. true
b. false
Answer: b. false
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Adam makes $25,000 per year and Bob makes $45,000 a year, and they both have the same marginal benefit curve. According to the utilitarian view, if a dollar is transferred from Bob to Adam, then
A) the change in Adam's marginal benefit plus the change in Bob's marginal benefit is negative. B) Adam's marginal benefit increases by more than Bob's marginal benefit decreases. C) the change in Adam's marginal benefit plus the change in Bob's marginal benefit equals zero. D) Adam's marginal benefit decreases by more than Bob's marginal benefit increases.
Someone who values a lottery at its expected value is
a. A risk lover b. Risk neutral c. Risk averse d. most likely to play a lottery
Economists study perfect competition
a. because many markets are perfectly competitive. b. for its descriptive realism. c. to establish a benchmark by which to measure the performance of the economy. d. All of the above are correct.
Economic analysis suggests that bureaucrats and public-sector managers have a strong incentive to
a. make sure that their budgets are as small as possible so more funds will be available for other government programs. b. expand their budgets to sizes beyond what would be considered economically efficient. c. ensure that their budgets are exactly the size that would be considered economically efficient. d. economize on their spending and return unspent funds to the general treasury.