Which of the following positions would a mercantilist support?
a. Trade in manufacturing goods is good for the US.
b. Imports to the U.S. from Japan are beneficial to the U.S.
c. Exports from Japan to the U.K. are beneficial to Japan.
d. Movement of labor from UK to US is beneficial to US.
c
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When the market price rises, the consumers' consumer surplus ________. When the market price falls, the consumers' consumer surplus ________
A) decreases; increases B) decreases; decreases C) increases; increases D) increases; decreases E) does not change; increases
Shifts in the supply of oil have caused large changes in price since the 1970s because
A) both the supply of oil and the demand for oil are inelastic over short periods of time. B) the supply of oil and the demand for oil are perfectly elastic over short periods of time. C) the supply of oil is very inelastic while the demand for oil is very elastic over short periods of time. D) the supply of oil is very elastic while the demand for oil is inelastic over short periods of time.
Economists Milton Friedman and E.S. Phelps suggested that the apparent trade-off suggested by the Phillips curve could not be exploited by policy makers, because
A) economic participants routinely incorporate changes in the inflation rate into their expectations. B) economic participants are not rational, and therefore act unpredictably to any policy change. C) unemployment levels and the inflation rate have a clear, positive relationship. D) unemployment levels and the inflation rate have a negative (inverse) relationship.
Which of the following most directly reflects the law of diminishing marginal utility?
a. After watching two football games, Terry decides to watch a third game. b. A sports fan enjoys watching Monday night football rather than going to the theater. c. After listening to three compact discs, Kim decides to go bowling rather than listen to a fourth disc. d. A musician receives the biggest ovation of the evening after playing the final number of a recital.