Inflation can cause redistributions of _______________ power that hurt some and help others.
a. earning
b. purchasing
c. political
d. real
b. purchasing
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The economizing problem is essentially one of deciding how to make the best use of
A. unlimited resources to satisfy limited economic wants. B. limited resources to satisfy limited economic wants. C. limited resources to satisfy unlimited economic wants. D. unlimited resources to satisfy unlimited economic wants.
This factor contributes to the winner's curse
a. your estimate of the value of the object was not the most optimistic b. your bid was not the highest c. there were not many other bidders you had to beat out d. you did not shade your bid enough
Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, 15, respectively. The marginal utility of the third unit consumed is:
a. 2. b. 14. c. 3 d. 34.
Most economists attribute the growing income inequality in the United States to
A) trade. B) macroeconomic policies. C) technological change. D) changing values. E) taxes.