An underlying assumption of economic analysis is that people engage in rational decision making and ______.
a. self-promotion
b. bargain hunting
c. marginal thinking
d. economic growth
c. marginal thinking
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The first federal antitrust law ever passed was the Sherman Act
Indicate whether the statement is true or false
If taxes
a. increase, then consumption increases, and aggregate demand shifts leftward. b. increase, then consumption decreases, and aggregate demand shifts rightward. c. decrease, then consumption increases, and aggregate demand shifts rightward. d. decrease, then consumption decreases, and aggregate demand shifts leftward.
A movement from point C to point B in Figure 17.5 illustrates
A. The short-run opportunity cost of achieving long-run economic growth. B. An increase in the unemployment rate. C. A decreased capacity to produce. D. An unattainable combination of consumption and investment goods.
A firm will reduce its quantity of labor as long as the MRP of labor ________ the market wage rate.
A. is equal to B. is greater than or equal to C. is less than D. determines