When economists describe preferences, they often use the concept of
a. markets.
b. income.
c. utility.
d. prices.
c
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Your authors say economists tend to
A) think outside the box. B) think outside the bun. C) think outside the mind. D) think outside the theory. E) think outside the facts.
When the aggregate demand curve shifts to the left against a vertical aggregate supply curve, the price level should __________ unless, as __________ argue, prices may have rigidities
A) fall; Keynesians B) fall; Monetarists C) rise; Keynesians D) rise; Monetarists
Dumping is
A) international price discrimination. B) international monopolistic pricing. C) collusive behavior among producers in different countries. D) selling goods produced with government approval.
Using prices to promote efficiency in the utilization of bridges,
A. higher prices should be charged for the use of the most crowded bridges. B. lower prices should be charged for the use of the uncrowded bridges. C. traffic would be equalized among the bridges where space is a scarce resource. D. All of the responses are correct.