A person remodeling her house could obtain a loan from a
A) sales finance company.
B) consumer finance company.
C) business finance company.
D) public finance company.
B
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If you were building a macroeconomic model that explores the effect of an increase in income tax rates on the size of the labor force, the endogenous variable(s) would be
A) income tax rates. B) the size of the labor force. C) both income tax rates and the size of the labor force. D) neither income tax rates nor the size of the labor force.
The median voter model predicts that in a representative democracy _____
a. party platforms will converge to one preferred by the median voter b. successful politicians will emulate the median voter c. third parties will not exist d. successful politicians come from the median political party
Which of the following most clearly illustrates the law of diminishing marginal utility?
a. The total satisfaction from consuming a good falls as more of the good is consumed. b. Marginal utility falls as total utility falls. c. The quantity of a good demanded falls as its price rises. d. The additional satisfaction from consuming a good falls as more of the good is consumed. e. There is a direct relationship between the price of a good and its total utility.
Organ sales are illegal in the United States. This creates possible economic inefficiency because:
a. It discourages wealth creating transactions through the threat of legal penalty b. It encourages organ sales c. It encourages government intervention