Changes in relative prices may occur in a period of
A. Inflation only.
B. Deflation only.
C. Stable prices only.
D. Stable prices, inflation, or deflation.
Answer: D
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If a retail food chain merged with a meat packing company, this would be an example of a
A) horizontal merger. B) conglomerate merger. C) vertical merger. D) diagonal merger.
Increases in total utility from the consumption of a good decrease as more is consumed. This statement is
A) the law of diminishing marginal utility. B) the law of average utility. C) the consumer optimum. D) not consistent with the assumption of rational behavior.
All centrally planned economies
A) have been political dictatorships. B) started out as market economies. C) began as mixed economies. D) have become mixed economies.
Publicly provided health insurance for the poor will
A. raise the price of health care to the non-poor. B. increase the total amount of health care consumed. C. raise the price of health care to the non-poor and increase the total amount of health care consumed. D. raise the level of health care consumed by the non-poor.