Economists claim that measuring society's welfare as CS + PS
A) is inappropriate since ultimately everyone is a consumer.
B) is valid only when the same person could be either a consumer or a producer.
C) treats the gains to consumers and producers equally.
D) is not commonly accepted.
C
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The profit-maximizing combination of resources in a perfectly competitive situation occurs at the point at which
A) MRP of labor = price of labor (wage rate). B) MRP of land = price of land (rental rate per unit). C) MRP of capital = price of capital (cost per unit of service). D) All of the above are correct.
Which of the following is a financial intermediary that serves as a bridge between savers and borrowers in the loanable funds market model?
a) Mutual funds b) Corporations c) Government d) Stock market
If a teacher tells a student that those who attend the study session typically score higher on the final exam
A. the student has a negative incentive to attend the study session because she will be punished if she does not go. B. the student has a positive incentive to attend the study session because she may get a higher grade. C. a "C" student will be making an irrational decision if she decides to skip the study session since she has plenty of time to go. D. the student has no greater incentive to attend because there is no guarantee she will get a higher grade on the exam.
Under Bretton Woods,
A) any foreign country cannot devalue its currency against the dollar in conditions of "fundamental disequilibrium." B) any foreign country could devalue its currency against the dollar in conditions of "fundamental disequilibrium," but the system's rules did not give the United States the option of devaluing against foreign currencies. C) any foreign country could devalue its currency against the dollar in conditions of "fundamental disequilibrium," and the system's rules did give the United States the same option of devaluing against foreign currencies. D) the U.S. could devalue its currency against the foreign currencies in conditions of "fundamental disequilibrium." E) any foreign country can revalue its currency against the dollar in conditions of "fundamental disequilibrium."