The concept of diminishing marginal utility is embedded in the utilitarian rationale for
a. trickle-down effects.
b. enhancing market efficiency.
c. redistributing income.
d. maintaining the status quo income distribution.
c
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The labor force includes people who i. are less than 16 years of age. ii. are in institutions. iii. are actively seeking a job but do not have a job
A) i only B) i and iii C) i and ii D) iii only E) i, ii, and iii
Which of the following would be expected if the tariff on foreign-produced shoes were decreased?
a. The domestic price of shoes would fall. b. The supply of foreign shoes to the domestic market would decline, causing shoe prices to rise. c. The number of unemployed workers in the domestic shoe industry would decline. d. The demand for foreign-produced shoes would decrease, causing the price of shoes to increase in other nations.
According to the shortsightedness effect, politicians tend to favor projects with
a. short-run benefits and short-run costs. b. short-run benefits and long-run costs. c. long-run benefits and short-run costs. d. long-run benefits and long-run costs.
The slope of the budget constraint is all of the following except
a. the relative price of two goods. b. the rate at which a consumer can afford to trade one good for another. c. the marginal rate of substitution. d. constant.