Joe prefers a three-pack of soda to a six-pack. What properties does this preference violate?
A. Diminishing MRS
B. Transitivity
C. More is better
D. Completeness
Answer: C
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Use the following graph to answer the next question.
Assume that the economy initially has a price level of P1 and output level Q1. If the government implements expansionary fiscal policy, it would bring the economy to
A. P2 and Q4. B. P2 and Q2. C. P1 and Q1. D. P1 and Q3.
The composition of demand and supply in various markets is not important to the question of inflation.
a. True b. False Indicate whether the statement is true or false
The satisfaction or pleasure one gets from consuming a good or service is called:
A. price. B. preferences. C. consumption. D. utility.
A decrease in interest rates
A) increases the value of the dollar, net exports, and equilibrium output. B) increases the value of the dollar, reducing net exports and equilibrium output. C) reduces the value of the dollar, net exports, and equilibrium output. D) reduces the value of the dollar, increasing net exports and equilibrium output.