Something is valuable if:
A. someone wants it.
B. it was made using resources.
C. it is a good or a service.
D. it does not involve a trade-off.
Answer: A
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An indifference curve is negatively-sloped because:
A) utility is a subjective concept. B) as the consumer obtains additional units of one good, the consumer is willing to sacrifice increasing amounts of the other good. C) in order to remain at the same level of utility, if an individual gets more of one good, he must sacrifice some of the other good. D) marginal utility is constant along an indifference curve, and increases in the consumption of one good cause the price of that good to fall.
A practice which might force employers to use more labor than they would otherwise is referred to as
A) wall propping. B) featherbedding. C) mothballing. D) yellow-dogging.
Which of the following practices is restricted by the antitrust laws of the United States?
a. Merger of smaller firms into a large firm b. Entry of new firms in the long run c. Standardization of products in a market d. Exit of non-performing firms in the long run e. Quality differentiation by competitive firms
If the Fed orders a contractionary monetary policy, describe what will happen to the following variables relative to what would have happened without the policy:
a. The money supply b. Interest rates c. Investment d. Consumption e. Net Exports f. The aggregate demand curve g. Real GDP h. The price level