In terms of microeconomic analysis, what is the function of "utils"?
A. a measurement of utility
B. applies to changes in income
C. a form of budget constraint
D. relates to a consumers original choice
Answer: A. a measurement of utility
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Assuming all of the following people have the same education and experience, which one is likely to earn the highest wage, based on typical patterns in the United States?
a. Francine, who is single and has no children b. Jeanne, who is married and has two children c. Frank, who is single and has no children d. John, who is married and has two children
Based on the studies of human decision making, which of the following statements is correct?
a. Most people are not bothered by perceived unfairness as long as they receive some compensation, even if the amount is very small. b. Most people are very willing to change their minds. c. Many people's preferences are inconsistent over time. d. All of the above are correct.
Which of the following is TRUE about how trade deficits and government budget deficits are related?
A. The government budget deficit leads to higher interest rates that will lead to a trade deficit. B. The government budget deficit leads to lower interest rates that will lead to a lower trade deficit. C. The trade deficit leads to a reduction in investment that leads to a government budget deficit. D. The trade deficit leads to a decline in imports relative to exports that leads to a government budget deficit.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.