Which of the following variables are included in the index of leading indicators?
a. new orders placed with manufacturers, length of average workweek, permits for new housing starts
b. changes in the M1 money supply, number of new credit cards, political stance of current politicians
c. average worker salary, average number of children per family, current standard of living
d. labor-force participation rate, household debt as a share of disposable income, the real interest rate
A
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The level of protection from influenza (flu) in a community has characteristics of a public good
Indicate whether the statement is true or false
A graphic illustration of the cumulative size distribution of income is known as the
A. Okun curve. B. Gini coefficient. C. Size distribution of income. D. Lorenz curve.
Greater scarcity of a natural resource is indicated
a. by an increase in the price of the resource, whether the price increase is less than or greater than the rate of inflation. b. only by an increase in the price of the resource that is less than the rate of inflation. c. only by an increase in the price of the resource that is greater than the rate of inflation. d. only by an increase in the price of the resource that is caused by a decrease in supply and is greater than the rate of inflation.
A consumer has spent all of his income on pizza and movies. The price of a piece of pizza is $1 and the price of a movie is $6. The marginal utility of the last piece of pizza is 5 and the marginal utility of the last movie is 24. The consumer has
A. not maximized utility. He should cut back consumption of each good. B. maximized utility. C. not maximized utility. He should cut back on pizza and buy more movies. D. not maximized utility. He should cut back on movies and buy more pizza.