CAFTA governs
A. trade between California and the rest of the U.S.
B. trade between the U.S., Canada, and Central America.
C. agricultural trade only.
D. health food products.
Answer: B
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Total utility
A) is equal to the sum of the marginal utilities of all units consumed. B) cannot decrease as a person consumes more and more of a good. C) has a constant rate of increase as a person consumes more and more of a good. D) is negative when marginal utility is declining.
An inferior good exhibits
A) a negative income elasticity. B) a downward sloping Engel curve. C) a decline in the quantity demanded as income rises. D) All of the above.
Stability and equity are two principles associated with
a. private goods as opposed to public goods b. public goods, such as public assistance and defense c. merit goods, such as public assistance and agriculture d. transfer payment programs, such as education and natural resources e. transfer payment programs, such as public assistance and agriculture
The liquidity trap refers to the
A) assumption that the money supply curve is vertical as a result of the Fed's control. B) problem that occurs when interest rates reach such high levels that no individuals want to hold their wealth in the form of money. C) situation that occurs when an excess supply of money results in people holding more money than they desire. D) possibility that interest rates drop so low that people willingly hold all the additions to the money supply, rather than use it to buy bonds.