Which of the following does not represent a tradeoff facing a consumer?
a. choosing to purchase more of all goods
b. choosing to spend more time on leisure and less time on work
c. choosing to spend more now and consume less in the future
d. choosing to purchase less of one good in order to purchase more of another good
a
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Moving from the late 1960s to 1970-1973,
a. inflation remained high while the unemployment rate was lower than in the late 1960s. b. inflation remained high while the unemployment rate was higher than in the late 1960s. c. inflation remained low while the unemployment rate was lower than in the late 1960s. d. inflation remained low while the unemployment rate was higher than in the late 1960s.
Which is the most accurate statement?
A. If most economists had to choose between a tariff and a quota, she or he would choose a tariff as the lesser of two evils. B. Both tariffs and quotas are basically good for our economy because they keep out foreign imports. C. Tariffs and quotas are equally bad for our economy. D. Most economists prefer import quotas to tariffs.
The change in the quantity consumed that is caused by a change in real income, with the relative prices held constant, refers to the:
A. substitution effect. B. income effect. C. equimarginal rule. D. law of diminishing marginal utility.
State the formula for the relationship between the purchasing power of the U.S. dollar and the price level.
What will be an ideal response?