In factor, or input, markets
A. firms demand resources.
B. consumers purchase products.
C. firms supply goods.
D. households demand goods.
Answer: A
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Suppose that a product benefits from a successful advertising campaign. The result is that
A) the supply of the product decreases. B) the supply of the product increases. C) the demand for the product increases. D) the demand for the product decreases.
Government subsidies for education are motivated by
A. concerns over disease. B. concerns over creating jobs for teachers. C. concerns over equity. D. concerns over choice.
SNAP (food stamps) and Medicaid are examples of:
A. money transfers B. resource earnings C. in-kind transfers D. tax expenditures
According to the above table, what is Michael's marginal utility of the 8th unit?
A. 372 B. 44 C. 42 D. 43