Trade-offs are:
A. associated with every decision.
B. do not exist if we receive something for free.
C. always result in market-failure.
D. can be avoided through economic planning.
A. associated with every decision.
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A consumer's utility-maximizing combination of goods is given by the bundle that corresponds to the point on
A) an indifference curve that is tangent to the budget constraint. B) the budget constraint where it intersects one of the axes. C) the indifference curve that intersects the horizontal axis. D) the indifference curve that intersects the vertical axis.
Other things being equal, a fall in the price of orange juice will decrease the quantity supplied
a. True b. False Indicate whether the statement is true or false
Other things equal, the higher the deviations from purchasing power, the lesser will be the arbitrage opportunities
a. True b. False Indicate whether the statement is true or false
The use of macroeconomic policies to smooth or moderate the business cycle is known as
A. aggregate supply management. B. discretionary policy. C. automatic stabilization. D. aggregate demand management.