Which of the following results in an increase in the supply of a good or service?
A) a rise in the price of the good or service
B) an increase in foreign imports of the good or service
C) a fall in the price of the good or service
D) a smaller number of sellers producing the good or service
E) higher taxes imposed upon producers of the good or service
B
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The scientific method refers to the process by which economists and other scientists:
A) plot graphs to illustrate relationships between different economic variables. B) develop models of the world and test those models with data. C) develop models to explain the past but not to predict the future. D) collect data for further use in research.
As Sally increases her consumption of a good, she experiences diminishing marginal utility if her total utility
A) increases at a constant rate. B) increases at a decreasing rate. C) increases at an increasing rate. D) decreases.
Explicit costs
A. Are the dollar payments made for the use of resources. B. Are the total value of resources used to produce a good but for which no monetary payment is made. C. Include the market value of all resources used to produce a good. D. Include only payments to labor.
Which of the following is true of trade embargoes?
A. Trade embargoes refer to import bans on tangible goods, but not on services. B. Embargoes are discriminatory restrictions or bans on economic exchange. C. Unlike other trade restrictions, a trade embargo does not harm the imposing country. D. A trade embargo refers to a uniform tariff being imposed on all imported products by a country.