Arcadia faced very high levels of unemployment for three consecutive years. This caused social disruptions, riots, and finally the replacement of the government. In this scenario, unemployment has resulted in _____
a. a loss of lifetime earnings
b. a loss of human capital
c. the deterioration of health
d. a loss of social cohesion
d
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Point D in the above PPF figure is
A) an attainable production combination with unemployed resources. B) a production combination that can be attained once resources are fully employed. C) an unattainable production combination. D) a tradeoff. E) More information is needed to determine which of the above answers is correct.
The act of firms working together to make decisions about price and quantity is called:
A. collusion. B. price discrimination. C. bulk ordering. D. artificial competition.
An optimizing consumer will select the consumption bundle in which the marginal rate of substitution
a. is equal to the price of the least-expensive good. b. exceeds the marginal utility of each good by the greatest amount. c. is less than the slope of the budget constraint. d. None of the above is correct.
Which of the following moral theories is NOT consequentialist?
a. teleology b. act utilitarianism c. egoism d. kantian ethics