Utility analysis is the analysis of
A) how consumers decide how to earn more money.
B) the formation of tastes and preferences.
C) the psychology of decision making.
D) consumer decision making based on utility maximization.
Answer: D
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A one-time tax rebate, which is not expected to be extended in future years, will
A) have a significant positive effect on consumption and aggregate demand, with aggregate demand growing by a multiple of the tax rebate. B) have no effect on consumption and aggregate demand. C) increase aggregate supply and aggregate demand. D) have a moderately positive effect on consumption and aggregate demand.
Returns to scale describes the long-run relationship between:
A. the quantity of input and the average variable cost. B. the quantity of output and the average variable cost. C. the quantity of input and the average total cost. D. the quantity of output and average total cost.
The market supply curve for labor: a. shows the relationship between the wage rate and the number of employees firms are willing to hire
b. shows the relationship between the price of output and the number of employees firms are willing to hire. c. shows the relationship between the wage rate and the quantity of labor that workers are willing to supply. d. shows the relationship between the price of output and the quantity of labor that workers are willing to supply.
An increase in AD will trigger more inflation under which of the following conditions?
a. AD is relatively steep. b. AD is relatively flat. c. AS is relatively steep. d. AS is relatively flat.