A period in which real GDP in the economy declines for at least six months is referred to as
A) a recession. B) living standards.
C) long term growth. D) a positive fluctuation.
A
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The City Council of Happy Village is thinking about imposing rent controls. If they put rent controls in place, which constituency are they trying to please?
A) landlords B) all taxpayers C) existing tenants D) all voters
In reality, firms may seek to maximize
a. sales. b. profits. c. market share. d. All of the above can be correct, depending upon management, owners, and other factors.
Which of the following statements is correct?
a. A high-risk person is more likely to apply for insurance than a low-risk person because a high-risk person would benefit more from insurance protection. b. A low-risk person is more likely to apply for insurance than a high-risk person because a low-risk person would benefit more from insurance protection. c. Insurance companies can fully guard against the problem of adverse selection, but they cannot fully guard against the problem of moral hazard. d. Insurance companies can fully guard against the problem of moral hazard, but they cannot fully guard against the problem of adverse selection.
Marginal utility is always ______ total utility.
a. greater than b. less than c. equal to d. irrelevant to