A trade-off refers to:
A. allowing the government and other organizations to choose for us.
B. sacrificing one thing for another.
C. deciding who consumes the products produced in an economy.
D. holding other variables fixed.
Answer: B
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Bundle A is worse than bundle B, and bundle C is an average of bundles A and B. Then our usual assumptions about tastes imply that bundle B is at least as good as bundle C.
Answer the following statement true (T) or false (F)
The tax cuts of 2008 and 2009 reduced the disposable income of U.S. consumers
a. True b. False Indicate whether the statement is true or false
Two nations that did not fully recover from the 1992 crisis and are not members of the Eurozone as of 2016 are:
A) France and Germany. B) Britain and Sweden. C) Italy and Greece. D) Spain and Portugal.
The demand curve for a good is horizontal when it is:
A. a unitary elastic good. B. a perfectly inelastic good. C. an inferior good. D. a perfectly elastic good.