Calculate the APS.
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Marginal utility measures:
A) the slope of the indifference curve. B) the additional satisfaction from consuming one more unit of a good. C) the slope of the budget line. D) the marginal rate of substitution. E) none of the above
Market clearing prices in a market system act as
A) a signaling device. B) a direct measure of resource costs. C) a way for producers to advertise. D) a legally determined rationing device.
A group of legislators agree to vote for a package of otherwise unrelated laws that they individually favor. Which term describes this activity?
a. Pork-barrel spending b. Logrolling c. Political correctness d. Lobbying
Assume that black beans and rice are consistently in the diet of one particular family. How could you tell if these goods were complements, substitutes, or unrelated goods?
a. If the price of black beans rose and the consumption of rice remained the same, they would be substitutes. b. If the price of black beans rose and the consumption of rice increased, they would be substitutes. c. If the price of black beans rose and the consumption of rice decreased, they would be substitutes. d. If the price of black beans rose and the consumption of both goods remained the same, they would be complements.