When consumers maximize utility, they are equating the ratio of total utility to price across all goods consumed.
Answer the following statement true (T) or false (F)
False
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Economists assume that business firms attempt to maximize their profits.
Answer the following statement true (T) or false (F)
In the United States, spending on residential construction
A) rose rapidly in the period just before the recession of 2007-2009, declined dramatically during the recession, and recovered rapidly thereafter. B) rose rapidly in the period just before the recession of 2007-2009, declined dramatically during the recession, and recovered only slowly thereafter. C) rose rapidly in the period just before the recession of 2007-2009, declined dramatically during the recession, and continued to decline slowly thereafter. D) rose slowly in the period just before the recession of 2007-2009, declined slowly during the recession, and recovered slowly thereafter.
Which of the following would not be considered an indirect tax?
a. A value-added tax b. A tax on wheat export c. A tax on imported automobiles d. A tax on the income of a computer manufacturer e. A sales tax on cigarettes
The need for a rationing device results from scarcity
Indicate whether the statement is true or false