Sam Voter prefers Jack to Rob, Rob to Mark, and Jack to Mark. Sam's preferences:
A. are transitive.
B. indicate that he is a liberal.
C. are not complete.
D. are not consistent with our assumptions about consumer behavior.
Answer: A
You might also like to view...
Which of the following is TRUE?
A) Economic efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs. B) Economic efficiency depends only on what is feasible. C) If production is technologically efficient then it must be economically efficient. D) None of the above statements are correct.
In general, any ceteris paribus determinant of supply that is favorable to production will
A) cause a movement along the supply curve. B) shift the supply curve to the right. C) shift the demand curve to the left. D) shift the supply curve to the left.
Consider a market with a price floor. If the price floor is lowered, which of the following would happen?
a. The consumer surplus would increase, the producer surplus would decrease and the dead weight loss would decrease b. The consumer surplus would decrease, the producer surplus would decrease and the dead weight loss would increase c. The consumer surplus, the producer surplus and the dead weight loss would all decrease d. The consumer surplus, the producer surplus and the dead weight loss would all increase e. The consumer surplus would decrease, the producer surplus would increase and the dead weight loss would increase
Using the AD-AS model, if consumers and business become more optimistic about the future direction of the economy and increase spending, then:
A. aggregate demand will decrease. B. aggregate demand will increase. C. long-run aggregate supply will increase. D. long-run aggregate supply will decrease.