If the price of the good measured along the vertical axis increases without a change in the price of the good measured along the horizontal axis, the consumer's budget constraint:
A) pivots rightward without a change in the intercept on the horizontal axis.
B) pivots leftward without a change in the intercept on the horizontal axis.
C) shifts to the right.
D) shifts to the left.
B
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Currently kidneys are allocated based on the needs of each perspective recipient, their blood type, and the urgency of their case. An alternative way to allocate kidneys is to go by the order in which patients were placed on the waiting list
In that case, the allocation of resources is made using A) market price. B) auction. C) first-come, first-served. D) personal characteristics.
Suppose that there is an improvement in a country's terms of trade between 2010 and 2011. This improvement means that:
a. it can purchase more imports in 2011, with the same volume of exports as in 2010. b. it can purchase more exports in 2011, with the same volume of exports as in 2010. c. it needs to increase its exports in order to purchase the same volume of imports as in 2011. d. regarding its international trade, it is worse off in 2011 than it was in 2010.
When private firms reduce investment because of the increase in interest rates brought about by government borrowing it is termed:
A. rent seeking. B. logrolling. C. crowding out. D. monetary policy.
In order to correct the problems associated with external costs,
A. standards must be established that make it illegal to pollute. B. the government must take over production of industries that are responsible for most of the pollution. C. the signals given to the economy must change so that decision-makers will take into account all the costs of their actions. D. the prices of all goods must be raised so people will consume less of the world's resources.