An increase in disposable income will
A. decrease autonomous consumption.
B. increase autonomous consumption.
C. decrease total consumption.
D. increase total consumption.
D. increase total consumption.
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The problem of scarcity is confronted by:
A) industrialized societies. B) pre-industrialized societies. C) societies governed by communist philosophies. D) all societies.
The total revenue curve of a perfectly competitive firm
a. is horizontal b. is vertical c. has a diminishing slope as output increases d. has an increasing slope as output increases e. has a constant slope as output increases
Which of the following is true?
a. Efficiency refers to the size of the economic pie; equality refers to how the pie is divided. b. Government policies usually improve upon both equality and efficiency. c. As long as the economic pie continually gets larger, no one will have to go hungry. d. Efficiency and equality can both be achieved if the economic pie is cut into equal pieces.
Which of the following were prominent among the protesters at the WTO meeting in Seattle in late 1999?
A. international bankers that free trade undermined underdeveloped nation's ability to pay back loans. B. environmentalists concerned that corporations would locate in countries that had very lax environmental standards. C. multinational corporations concerned that free trade condoned sweatshop working conditions. D. All of the choices were prominent in the Seattle protest.