Refer to the data. If the consumer's money income were cut from $52 to $28, and the prices of J and K remain at $8 and $4 respectively, she would maximize her satisfaction by purchasing:
Answer the question on the basis of the following two schedules, which show the amounts of
additional satisfaction (marginal utility) that a consumer would get from successive quantities
of products J and K.
A. 3 units of J and 3 units of K.
B. 1 unit of J and 3 units of K.
C. 4 units of J and 1 unit of K.
D. 2 units of J and 3 units of K.
D. 2 units of J and 3 units of K.
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Which of the following is NOT an expected consequence of balancing the federal government's budget?
A) increased private investment B) increased borrowing from foreigners C) reduced interest payment to foreigners D) B and C.
In the 19th century, Russian peasants noticed that during cholera epidemics there were lots of doctors around; in an attempt to eliminate cholera, they killed all the doctors. This is an example of
a. mistaking correlation with causation. b. the fallacy of opportunism. c. excessive abstraction. d. rationality. e. marginal analysis.
The region of the country that is least hospitable to union organizing is the ___________.
Fill in the blank(s) with the appropriate word(s).
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.