Economists infer that a consumer receives more utility from one good than another by
A) giving consumers surveys about the utility they receive from the goods.
B) observing the consumer's behavior.
C) the logic of the models used.
D) means of introspection and speculation.
Answer: B
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Outright transfer cuts are frequently used because they have a direct and very visible impact.
Answer the following statement true (T) or false (F)
A division of labor enhances society's output by permitting people to take advantage of existing differences in their abilities and skills.
Answer the following statement true (T) or false (F)
The reserve ratio is 10 percent. If the bank receives a customer deposit of $100,000, then an immediate effect is
A. no change in the bank's total assets or total liabilities. B. a reduction in the bank's total assets of exactly $10,000. C. a reduction in the bank's total liabilities of exactly $10,000. D. an increase in the bank's reserves of exactly $10,000.
We can safely say that total output can increase if there is a(n)
A. increase in the number of machines per worker. B. decrease in the number of workers per machine. C. increase in the size of the labor force and a decrease in the productivity of workers. D. decrease in the size of capital and an increase in the productivity of machines.