Ceteris paribus means
A) other variables are held constant.
B) almost certainly.
C) only if everything works just right.
D) perhaps.
Answer: A
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If the marginal utility to Juan of sleeping an extra hour (from 8 a.m. to 9 a.m.) is negative,
A. Juan is better off getting up at 8 a.m. B. Juan is better off getting up at 9 a.m. C. Juan’s total utility from sleeping must be negative. D. Juan’s average utility from every hour he sleeps must be negative.
The learning curve suggests that an individual will
A) receive the same income throughout a career. B) gain experience and increase productivity over time. C) be subject to frequent spells of unemployment. D) have an income that falls over time.
The sum of payments made to resource owners for the use of their resources is
a. Gross Domestic Product b. Net Domestic Product c. National Income d. Personal Income e. Disposable Income
Refer to the table. In relation to column (3), a change from column (2) to column (1) would indicate a(n):
A. increase in demand.
B. decrease in demand.
C. increase in supply.
D. decrease in supply.