Which of the following do you know for certain is true?
a. The marginal utility of Diane's second Coke is greater than the marginal utility of her third pretzel
b. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third pretzel.
c. The marginal utility of Diane's second Coke is greater than the marginal utility of her third Coke.
d. The total utility of two Cokes is greater than the total utility of three Cokes.
e. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third Coke.
C
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Explain the effect of right-to-work laws on the collective bargaining power of labor unions
As we move down along a linear demand curve, the price elasticity of demand becomes more:
A. elastic. B. log-linear. C. variable. D. inelastic.
Answer the following questions true (T) or false (F)
1. Protectionism refers to the use of trade barriers to shield domestic firms from foreign competition. 2. The process of countries becoming more open to foreign trade and investment is known as outsourcing. 3. Jobs lost to foreign trade are generally easy to identify, but jobs created by foreign trade are generally less easy to identify.