A(n) ________ shows the bundles of two goods that provide an equal level of satisfaction to the consumer
A) budget set
B) indifference curve
C) demand curve
D) budget line
B
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Refer to Scenario 1-2. Had the firm not produced and sold the last 300 hats, would its profit be higher or lower, and by how much?
A) Its profit will be $1,000 lower. B) Its profit will be $100 lower. C) Its profit will be $1,100 higher. D) Its profit will be $100 higher.
Budget deficits are important because deficits
A) cause bank failures. B) always cause interest rates to fall. C) can result in higher rates of monetary growth. D) always cause prices to fall.
Supply-side economics emphasized government policies to: a. restrict aggregate spending and boost aggregate supply
b. increase minimum wage to improve labor productivity. c. stimulate real GDP by improving incentives to work. d. lower interest rates to boost saving. e. increase government tax revenues in order to increase government purchases.
In economic utility analysis, consumer tastes and preferences are assumed
A. given but rapidly changeable. B. given and stable for an individual. C. to be determined by income. D. to be influenced by the prices of goods.