The U.S. trade deficit is made possible, in part, because of foreigners' demand for U.S. financial assets
a. True
b. False
Indicate whether the statement is true or false
True
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In economic terms, the total price of a pound of meat for an individual who has waited in line is
A) the money price paid to the butcher for the pound of meat. B) the money price of meat relative to the price of bread or other necessity. C) the money price of the meat plus the opportunity cost of time spent waiting in line. D) the money price of an equal amount of meat substitute, such as beans and rice.
Changes in production functions are associated with changes in
A) the level of output. B) demand. C) the levels of costs. D) technology.
Refer to Table 10-3. The table above shows Lee's marginal utility from consuming ice cream cones and cans of Lime Fizz Soda. Select the phrase that completes the following statement
"We can determine the number of ice cream cones and cans of Lime Fizz Soda Lee should consume to maximize his utility A) if we know the values of the marginal utility per dollar for ice cream cones and Lime Fizz Soda." B) by adding up the marginal utilities for ice cream cones and Lime Fizz Soda." C) if we know what Lee's income is." D) if we know what Lee's income is and the price of an ice cream cone and the price of a can of Lime Fizz Soda."
Violations of the Sherman Antitrust Act have sometimes been punished by breaking up the offending firm into a number of smaller firms
a. True b. False Indicate whether the statement is true or false