On an individual level, our selection of one career rather than another represents which of the following economic concepts?
a. productivity
b. externality
c. opportunity
d. specialization
d. specialization
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Even in 1928, non-bank sources provided more funds for brokers' loans in the stock market than did the nation's banks
Indicate whether the statement is true or false
Which of the following is not a limitation of the Pareto criteria?
a. Almost any policy change will make at least one person worse off. b. The status quo is lent legitimacy from being the starting point for evaluating social welfare. c. The criteria cannot tell us if a particular policy change will make all participants better off. d. The criteria do not allow for the ranking of all possible states of the world.
The market demand curve is
a. any individual consumer's demand curve multiplied by the number of consumers in the market b. a relationship between total income and total quantity demanded c. the horizontal sum of the individual demand curves of all consumers in the market d. the vertical sum of the individual demand curves of all consumers in the market e. the sum of the prices paid at each quantity demanded
A rightward shift in the supply curve is called:
a. a decrease in supply. b. an increase in consumption. c. an increase in supply. d. an decrease in income.