You decide to forgo a third slice of pizza and have a scoop of ice cream instead. This is an example of the economic concept of:
A. reciprocity.
B. selfishness.
C. diminishing marginal utility.
D. altruism.
Answer: C
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If you save less because the government is going to tax you and later provide you with a benefit, then this reduction in savings is referred to by economists as the
A. asset substitution effect. B. induced retirement effect. C. slovenly effect. D. bequest effect.
A price control always benefits consumers
a. True b. False Indicate whether the statement is true or false
Other things the same, an increase in the budget deficit
a. shifts the demand for loanable funds right, so the interest rate rises. b. shifts the demand for loanable funds left, so the interest rate falls. c. shifts the supply of loanable funds right, so the interest rate falls. d. shifts the supply of loanable funds left, so the interest rate rises.
.In the aggregate demand-aggregate supply model, the short-run effects of an unanticipated decrease in the money supply will be
What will be an ideal response?