The stable to declining quality of the labor force in the United States has been brought about by which of the following:
A. the increasing number of immigrants in the work force
B. the decline in the quality of our education system
C. the higher level of living
D. the exodus of highly educated citizens
B. the decline in the quality of our education system
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The Consumer Financial Protection Bureau is part of the
A) Treasury Department B) Federal Reserve System C) Justice Department D) Commerce Department
When a firm doubles its inputs, its output:
A. will less than double. B. will double. C. will more than double. D. All of these are possible.
Suppose that Big-Cat and Fat-Cat are rival cat food brands, and the price of Fat-Cat is reduced. Following this price drop, is there a shortage or a surplus of Big-Cat at the old price of Big-Cat?
a. Surplus. b. Neither, a price drop can not cause a shortage or surplus. c. Neither, equilibrium exists. d. Shortage.
The law of diminishing marginal utility gives us a deeper understanding of the downward-sloping demand curve because
A. Consumers are willing to pay a higher price for a greater quantity. B. Consumers do not respond to a change in price. C. Consumer tastes change due to advertising. D. When marginal utility is high, we are willing to pay a higher price.