If the United States' maximum possible output of any one good is produced, given the output of other goods, we have attained ____________.
Fill in the blank(s) with the appropriate word(s).
productive efficiency
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Prices are a critical component of the market system
Indicate whether the statement is true or false
The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the quantity of vacations demanded at today's price will increase by ________ percent
A) 3 B) 5/3 C) 15 D) 5
Assume that you are a policy adviser who believes that money demand is highly interest-sensitive but investment is not. Asked your advice on how to pull the economy out of a recession, you are likely to emphasize
A) contractionary monetary policy. B) expansionary monetary policy. C) contractionary fiscal policy. D) expansionary fiscal policy.
If a person is risk averse, then she has
a. diminishing marginal utility of wealth, implying that her utility function gets flatter as wealth increases. b. diminishing marginal utility of wealth, implying that her utility function gets steeper as wealth increases. c. increasing marginal utility of wealth, implying that her utility function gets flatter as wealth increases. d. increasing marginal utility of wealth, implying that her utility function gets steeper as wealth increases.