To maximize utility consumers should buy goods and services to the point where the marginal utility of each item consumed is maximized
Indicate whether the statement is true or false
FALSE
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The ratio at which a country can trade its exports for imports from other countries is called comparative advantage
Indicate whether the statement is true or false
Most economists believe that changes in the price level have
A) no effect on the quantity of output supplied in either the short run or the long run. B) an effect on the quantity of output supplied in the short run, but not in the long run. C) an effect on the quantity of output supplied in the long run, but not in the short run. D) an effect on the quantity of output supplied in both the short run and the long run.
Which of the following probably best explains why trade restrictions are imposed even if the costs to consumers are greater than the benefits to protected industries?
a. Indifference on the government's part to the interests of domestic workers b. A desire to make other countries suffer c. Successful lobbying by consumers d. Successful lobbying by employers and workers e. The government's preference to safeguard the interest of the producers at the expense of the consumers
Pat earns $1,000 per week and spends $850 per week on living expenses, puts $50 in a savings account, and buys $100 worth of shares in a stock mutual fund. Pat's saving is ________, and Pat's saving rate is ________.
A. $50; 5.0 percent B. $150; 15 percent C. $50; 5.9 percent D. $100; 10 percent