Individuals who are more risk averse
a. buy less insurance
b. buy more insurance
c. are not more or less inclined to buy insurance
d. are philosophically opposed to insurance
b
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A U-shaped long-run average cost curve implies that a firm experiences economies of scale at low levels of production and diseconomies of scale at high levels of production
Indicate whether the statement is true or false
If for some reason Americans wished to purchase more foreign assets, then other things the same
a. both the real exchange rate and the quantity of dollars exchanged in the market for foreign-currency exchange would fall. b. both the real exchange rate and the quantity of dollars exchanged in the market for foreign-currency would rise. c. the real exchange rate would rise and the quantity of dollars exchanged in the market for foreign-currency would fall. d. the real exchange rate would fall and the quantity of dollars exchanged in the market for foreign-currency would rise.
Why is it impossible for the unemployment rate to be zero?
a. There will never be more jobs than workers in an economy. b. There will always be people who quit or are fired. c. There will always be some form of inflation occurring. d. There will never be more workers than jobs in an economy.
Marginal utility is the
A. Utility received from consuming the optimal combination of goods and services. B. Change in total utility obtained by spending one extra dollar on a good or service. C. Change in total utility obtained by selling one extra unit of a good or service. D. Change in total utility obtained by consuming one extra unit of a good or service.