Rent controls and controls on other prices often aggravate the very problem they are intended to solve.
Answer the following statement true (T) or false (F)
True
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A tariff on a product
a. is a direct quantitative restriction on the amount of a good that can be imported. b. increases the domestic quantity supplied. c. increases domestic consumer surplus. d. All of the above are correct.
Most economists who have studied it believe that the Great Depression was caused by:
A. the stock market crash. B. illegal immigration. C. poor economic policymaking. D. a sharp decline in average labor productivity.
Trends in healthy eating have led to a steep increase in the consumption of leafy greens. Which of the following shows the interdependence of input markets related to this food trend?
a. A large kale and spinach farming operation expanded into previously uncultivated fields. b. The additional growing fields required irrigation equipment and additional field laborers. c. Demand for kale and spinach was growing rapidly, which led to an increase in prices. d. Wages and working conditions for field workers were established in a union contract.
Answer the following statement true (T) or false (F)
1) If marginal utility is diminishing, total utility must also be declining. 2) Marginal utility is total utility divided by the number of units consumed. 3) When total utility is at a maximum, marginal utility is zero. 4) When a consumer shifts purchases from X to Y, the marginal utility of X falls and the marginal utility of Y rises.