The pleasure, satisfaction, or happiness obtained from consuming a good or service is known as ___________
Fill in the blank(s) with the appropriate word(s).
Answer: Utility
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The supply of loanable funds schedule shows that the
A) higher the real interest rate, the more the supply of loanable funds curve shifts rightward. B) higher the real interest rate, the greater the quantity of loanable funds supplied. C) higher the real interest rate, the greater the opportunity cost of supplying loanable funds. D) higher the real interest rate, the lower the profit from making new investment. E) lower the real interest rate, the greater the quantity of loanable funds supplied.
Suppose Joe can prepare 10 sandwiches or 5 pizzas in an hour and Beth can produce 12 sandwiches or 9 pizzas. Which of the following is TRUE?
A) Beth should produce pizza because she has a higher opportunity cost of producing pizza than does Joe. B) Beth should produce pizza because she has a lower opportunity cost of producing pizza than does Joe. C) Joe should produce pizza because he has a higher opportunity cost of producing pizza than does Beth. D) Joe should produce pizza because he has a lower opportunity cost of producing pizza than does Beth.
The strongest political pressure for a trade policy that results in higher protectionism comes from
A) domestic workers lobbying for import restrictions. B) domestic workers lobbying for export restrictions. C) domestic workers lobbying for free trade. D) domestic consumers lobbying for export restrictions. E) domestic consumers lobbying for import restrictions.
Market clearing prices can be volatile in a market with inelastic demand and inelastic supply
Indicate whether the statement is true or false