The slope and location of the demand curve depend on:
A) the number of buyers.
B) production costs.
C) the number of producers.
D) all of the above.
Ans: A) the number of buyers.
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A consumer maximizes utility when the marginal utilities of all goods
a. having positive money prices that are equal to zero b. are equal c. are maximized d. are equal to the opportunity costs for all goods that are considered necessities e. are exactly proportional to their market prices
The decline in the value of the dollar from 1985 to 1988 was beneficial to
a. American tourists travelling to Europe. b. firms importing goods into America. c. American exporting businesses. d. foreigners holding U.S. government bonds.
If there are no reserves, domestic adjustments to payment imbalances under fixed exchange rates require surplus countries to forsake full employment and deficit countries to forsake price stability.
Answer the following statement true (T) or false (F)
Which of the following statements best reflects how a behavioral economist views individual decision making?
A. Alex makes wrong decisions sometimes, but usually it is only when he has been given bad information. B. Kara carefully calculates and weighs the expected benefits and costs of every option before making a decision. C. Alicia may appear to care about others, but even her seemingly altruistic behaviors are really about furthering her own interests. D. Balin tries to make good, well-thought-out decisions, but his desire for utility in the present means that he often gives in to costly temptations.