According to economists, an individual who tries to derive utility from the consumption of a good without paying for it is called:
a. a utility maximizer.
b. a free rider.
c. an opportunist.
d. a profit maximizer.
B
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We are interested in long-term growth primarily because it brings
A) higher price levels. B) lower price levels. C) higher standards of living. D) trade wars with our trading partners.
You have an absolute advantage whenever you
A) are better educated than someone else. B) can produce something at a lower opportunity cost than others. C) prefer to do one particular activity. D) can produce more of something than others with the same resources.
If the level of technology rises from 8 to 8.2 in one period, the growth rate of technology is ________
A) 2.5 percent B) 20 percent C) two percent D) 0.2 percent
Refer to the above figure. Which panel demonstrates the law of supply?
A) Panel A
B) Panel B
C) Panel C
D) Panel D