The consumer acquires a consumer surplus on a good if the marginal benefit is
A) equal to the price.
B) greater than the price.
C) less than the price.
D) zero.
E) less than the marginal cost.
B
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How does an increase in the price level result in higher interest rates?
A) It increases the real money supply. B) It decreases the real money supply. C) It increases the real money demand. D) It decreases the real money demand.
Abstraction is used in economics to omit unnecessary details and focus on the essence of the problem being studied.
Answer the following statement true (T) or false (F)
Which of the following does not affect the wages a worker earns?
a. natural ability b. effort c. chance d. All of the above affect the wages a worker earns.
What did the Taft-Hartley Act of 1947 restrict?
a. workplace speech b. federal taxes c. union power d. workers’ rights