_____ had the highest level of per capita real output in 2012
a. Canada
b. The United States
c. Italy
d. France
e. Germany
b
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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.
What is the likely effect in an economy when total spending is too high?
a. inflation b. tax decreases c. unemployment d. efficiency
If firms make a profit in the short run, firms will exit the market in the long run.
Answer the following statement true (T) or false (F)
Which of the following is an example of a supply shock?
A. A surge in consumer optimism prompts increased buying of goods and services. B. A surprise tax rebate from the government gives people more money to spend. C. A dramatic increase in energy prices increases production costs for firms in the economy. D. Government increases spending on education.