In deciding how many hours to work, Beulah will make a choice that maximizes her _______; that is, she will choose according to her preferences for leisure time and income.
A. budget constraint
B. opportunity set
C. utility
D. production possibilities frontier
Answer: C. utility
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If a government runs a deficit it can cover the gap by
A) increasing transfer payments. B) purchasing bonds. C) lowering the discount rate. D) printing money.
The quantity of U.S. exports is determined by
A) U.S. consumption expenditure. B) political factors. C) aggregate incomes in the rest of the world. D) U.S. aggregate expenditure. E) U.S. GDP.
Suppose Dan is willing to pay a maximum of $3,000 for a piano, but finds one he can buy for $2,500. Dan's consumer surplus from this piano is
A) $5,500. B) $3,000. C) $2,500. D) $500. E) zero because he buys the piano.
In perfect competition, there are differences in the products sold by various firms.
Answer the following statement true (T) or false (F)