The theory of consumer behavior assumes that:
A. consumers behave rationally, attempting to maximize their satisfaction.
B. consumers have unlimited money incomes.
C. consumers do not know how much marginal utility they obtain from successive units of
various products.
D. marginal utility is constant.
Answer: A
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Suppose that the number of jobs for engineers expands by 10 percent per year, the number of new engineers by 5 percent per year while the number of automobile mechanics grows by 8 percent and the number of new automobile mechanics jobs grows by 3
percent. We conclude that A) frictional unemployment will increase. B) frictional unemployment will decrease. C) structural unemployment will increase. D) structural unemployment will increase 4 times.
The average global temperature rose
A. 15 degrees F in the last 100 years. B. 3-5 degrees F in the last 100 years. C. 1 degree F in the last 100 years. D. 3-5 degrees in the last 10 years.
From 1977-2011, the average duration of unemployment has been highest in which of the following places?
A) Canada B) Europe C) Mexico D) the United States
Diminishing marginal product:
A. causes the variable cost curve to become flatter. B. causes the variable cost curve to become steeper. C. has no relation to the variable cost curve. D. causes the fixed cost curve to become flatter.