The term ceteris paribus means that
a. all important variables in the real world are considered
b. all factors that influence the event are changing at the same time
c. everything else is being held constant
d. everything, except one influence, is changing
e. the consumer is king
C
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The market system provides a way
A. to allow specialization and exchange to work in tandem. B. to improve the well-being of mankind. C. to harness self-interest. D. to allocate goods and services. E. All of the responses are correct.
What is the difference between ordinal and cardinal measurement?
What will be an ideal response?
An "all you can eat" restaurant illustrates the economic principle:
a. of consumers' inability to maximize their total utility. b. that economic theory clearly breaks down under certain circumstances. c. that marginal utility is always positive. d. that consumers will stop eating when marginal utility is zero. e. that consumers will stop eating when total utility is zero.
Government policies that help increase the skills of the workforce or that subsidize employment more directly would
a. decrease employment and increase output b. increase employment and decrease output c. increase employment and increase output d. increase unemployment and decrease output e. increase unemployment and increase output