The economic view of the consumer as king is reflected most appropriately by the expression
a. ceteris paribus
b. post hoc, ergo propter hoc
c. consumer sovereignty
d. ipso facto
e. les miserables
C
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Without government intervention, society is likely to get too little production of: i. private goods that generate external costs ii. private goods that generate external benefits iii. public goods
a. (i) only b. (ii) only c. (iii) only d. both (ii) and (iii)
If an exporter wants to limit the effect of possible changes in the exchange rate on the value of her exports, then she can adopt a strategy known as
A. speculating. B. floating. C. appreciating. D. hedging.
Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 20 units of clothing but no food. Suppose each has the utility function U = F ? C. Derive the contract curve
What will be an ideal response?
A labor market application of the legal cartel theory of regulation would be:
A. Unemployment benefits B. The Full Employment Act C. Equal Employment Opportunities provisions D. Occupational licensing