Suppose Andrea is taking just two courses and is at a point inside (or below) her PPF of grades for those two courses. If Andrea becomes more efficient in her study habits then it is impossible for ____________________, ceteris paribus.
Fill in the blank(s) with the appropriate word(s).
both of her grades to fall
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The function of money that helps assess the opportunity cost of an activity is money's use as a
A) barter tool. B) store of value. C) medium of exchange. D) store of debt. E) unit of account.
What is the most likely effect of legislated rent controls on the rental vacancy rate in an area adopting such controls?
A) The vacancy rate will not change because rent controls don't change the demand (curve) for housing. B) The vacancy rate will rise because owners will be less eager to have tenants in their buildings. C) The vacancy rate will fall because rent controls create a shortage situation. D) The vacancy rate will become wholly arbitrary and unpredictable because allocation decisions will have to be made by political rather than economic criteria.
Refer to Figure 7-1. At the market equilibrium
A) the marginal benefit is less than the marginal cost. B) the marginal benefit is greater than the marginal cost. C) the marginal benefit is equal to the marginal cost. D) the marginal benefit is zero.
Which of the following would not be considered a role of the government?
a. promoting competition b. providing public goods c. providing externalities d. regulating natural monopolies e. safeguarding private property and enforcing contracts