Centrally planned economies use free-market systems for their production planning
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose your utility function for food (F) and clothing (C) is u(F,C) = F + 4C. If you reduce your clothing consumption by 2 units, how much do you have to increase your food consumption in order to maintain the same utility level?
A) 2 units B) 4 units C) 6 units D) 8 units
A benefit of unions is that they
A) increase firm profits. B) increase the stability of the workforce. C) increase wage inequality. D) restrict the labor market.
A decrease in the price of product X will: a. increase the marginal utility per dollar spent on X
b. decrease the marginal utility per dollar spent on X. c. result in an increase in the total utility from consumption of X. d. do both (a) and (c).
Reaching and enforcing an agreement between members of a cartel becomes more difficult as the size of the group __________
Fill in the blank(s) with correct word