Which would cause consumption to fall?
a. More income
b. An increase in wealth
c. Optimistic consumer expectations
d. A decrease in wealth
Answer: d. A decrease in wealth
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Cost-benefit analysis is a tool that is used
A) only by businesses. B) only by individuals and businesses. C) only by governments. D) by individuals, businesses, and governments.
Between September 2013 and September 2014 the number of economic part-time workers decreased from 7.9 million to 7.1 million. Assuming the change resulted from economic part-time workers transitioning to full-time jobs, this change created
A) no change to the U-3 unemployment rate. B) a decrease to the U-3 unemployment rate. C) an increase to the U-3 unemployment rate. D) an increase in the employment-to-population ratio.
In monopolistic competition, firms may differentiate their products in many ways except on the basis of:
a. quality. b. style. c. price. d. packaging. e. guarantees.
If an individual possesses an ability that others cannot acquire, payment to that individual is
a. partly economic rent. b. a return called the real wage. c. a return from investment in human capital. d. comparable to the return to well-trained nurses.