Those who criticize individuals who choose to drive a relatively inefficient sport utility vehicle (SUV) might mistakenly
A) assume everyone faces the same relative prices.
B) assume everyone has the same preference set.
C) assume everyone has the same budget constraint.
D) All of the above.
D
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Refer to Figure 7-1. The market equilibrium price is
A) $30. B) $25. C) $20. D) <$20.
Assume that an unemployed person expects inflation to be 4.5 percent. In reality, inflation turns out to be 2.9 percent. If wage expectations lag behind actual price changes:
a. job offers below the reservation wage will decline, and the unemployment rate will rise. b. job offers above the reservation wage will rise, and the unemployment rate will fall. c. job offers above the reservation wage will decline, and the unemployment rate will rise. d. job offers above the reservation wage will decline, and the unemployment rate will fall. e. job offers below the reservation wage will increase, and the unemployment rate will fall.
While the production possibilities frontier is a useful model, it cannot be used to illustrate economic growth
a. True b. False Indicate whether the statement is true or false
Which of the following is a positive statement?
A. A humidity level of 90 percent is too high. B. It is too hot to run outside when the temperature exceeds 80 degrees. C. The temperature is 92 degrees today. D. Summer evenings are nice when it cools off to around 70 degrees.