Which of the following is a liability of a family?
A. Share of stock
B. Unpaid credit card balance
C. House
D. Checking account balance
Answer: B
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Tom enjoys drinking Diet Coke with his lunch, but his enjoyment decreases after each glass he consumes. This is an illustration of
A. diminishing marginal utility. B. the income effect. C. the substitution effect. D. consumer sovereignty.
If sellers expect higher basket prices in the near future, the current
a. supply of baskets will increase. b. supply of baskets will decrease. c. supply of baskets will be unaffected. d. demand for baskets will decrease.
If the MPC is 0.5, and the government cuts spending by $400b, the overall effect on GDP will be:
A. a decrease of $800b. B. a decrease of $400b. C. an increase of $800b. D. an increase of $400b.
The opportunity cost of a decision is the
A) value of the best alternative not chosen. B) value of all the alternatives not chosen. C) cost of making the wrong choice. D) cost incurred by others who are unhappy with your decision.