Which of the following is NOT considered to be an economic resource?
A. an engineer
B. a local gas station
C. a company truck
D. a view of the moon on a clear night
Answer: D
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Immediately following a business cycle "peak" comes a
A) "trough." B) "recession." C) "expansion." D) "recurrence."
For a low-income country to develop into a high-income country, ____ is (are) needed
a. high rates of inflation b. high interest rates c. sustained economic growth d. restrictions on international trade
Deadweight loss is not the result of:
A. an efficient market. B. an inefficient market. C. zero consumer surplus. D. zero producer surplus.
Suppose a consumer is at an optimum. What happens when the price of one good she has been consuming increases?
A) The value of the marginal utility of the last unit consumed decreases. B) The value of the marginal utility of the last unit consumed increases. C) The marginal utility per dollar spent on the last unit consumed of that good increases by the same proportion as the price increases. D) The marginal utility per dollar spent on the last unit consumed of that good is now smaller than the marginal utility per dollar spent on other goods the person consumes.