The affordable bundle that yields the greatest satisfaction to the consumer is:
A. the equilibrium consumption bundle.
B. the maximum bundle.
C. the allowable purchasing bundle.
D. the most popular bundle.
Answer: A
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Which of the following is a result of monopolists producing fewer goods and selling them at a higher price than perfectly competitive firms?
a. The elimination of barriers to entry b. Losses c. Diseconomies of scale d. Positive economic profits
Hyperinflation in the US is caused mostly by
a. excessive money supply growth b. Contractionary monetary policy c. a "weak" or depreciated dollar d. US trade barriers, such as tariffs and import quotas
Markets help to promote growth by:
A. encouraging self-sufficiency. B. undermining a nation's comparative advantage. C. reducing specialization and the division of labor. D. increasing specialization and the division of labor.
The derived demand for labor is determined by
A. labor’s wage. B. labor’s marginal revenue. C. the marginal cost of the input labor. D. labor’s marginal revenue product.