The economizing problem is essentially one of deciding how to make the best use of
What will be an ideal response?
limited resources to satisfy virtually unlimited wants.
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The average total cost curve and the average variable cost curve
a. are closer together as output increases, with average variable cost reaching its minimum level first b. are closer together as output increases, with average total cost reaching its minimum level first c. are farther apart as output increases, with average variable cost reaching its minimum level first d. are farther apart as output increases, with average total cost reaching its minimum level first e. are parallel to each other, and reach their minimum levels at the same rate of output
The buying and selling of government securities by the Fed is known as:
a. open market operations. b. federal bond operations. c. treasury bond operations. d. open bonds operations. e. discount rate operations.
If inflation was 3 percent last year and 2 percent this year, an individual who follows extrapolative expectations would predict that the inflation rate for the coming year would be:
A. 1 percent. B. 0 percent. C. 3 percent. D. 5 percent.
In considering consumers' attitudes toward fairness, which of the following have economists found to be true?
a. People are interested mainly in making themselves as well off as possible. b. People attempt to treat others fairly, even if doing so makes them worse off financially. c. People attempt to treat others fairly, but only if doing so makes them better off financially. d. People usually ignore fairness when making spending decisions.