The ____ is the government agency with the task of developing and enforcing policies that are aimed at protecting the environment
a. FDA
b. DOI
c. FEMA
d. EPA
d
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In the circular flow model, rent, wages, interest, and profit paid flow from ________ through ________ to ________
A) firms; goods markets; firms B) households; factor markets; firms C) households; goods markets; firms as payment for goods D) firms; factor markets; households E) firms; goods markets; households
When the price of a good falls, there will be
A) an outward shift in the good's demand curve. B) both an outward shift in the good's demand curve and a movement along the good's demand curve. C) a movement along the good's demand curve. D) no change in quantity demanded.
The MU/P equalization principle means consumers will spend their income (budget) so that the MU/P ratio of the goods consumed is
a. zero for each good b. higher for goods the consumer wants the most (highest marginal utility) c. maximized for the goods the consumer wants the most (highest marginal utility) d. higher than TU/P e. the same for each good
The reason that opportunity costs arise is that
A. people have unlimited wants. B. there are no alternative decisions that could be made. C. an economy relies on money to facilitate exchange of goods and services. D. resources are scarce.