If a country were to experience an increase in its factors of production, its production possibilities frontier would shift outward
Indicate whether the statement is true or false
TRUE
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In the utility maximizing model, consumer preferences are assumed to be transitive. What does this mean?
A) that consumers have the freedom to change their preferences from time to time B) that consumers prefer more of a good to less C) that consumers go through cycles in their consumption behavior D) that consumers have preferences that are relatively consistent in the time period under consideration
Which of the following statements is true about M2?
A) Its total value is smaller than that of M1. B) Apart from those assets also included in M1, it includes no assets that offer check-writing features. C) Its total value is about five times as large as M1. D) It includes large-denomination time deposits.
A payment that is made by the government for which no goods or services are given in return is known as
A) a public good. B) a transfer payment. C) a negative externality. D) a free rider.
When a binding price floor is imposed on a market to benefit sellers,
a. no sellers actually benefit. b. some sellers benefit, but no sellers are harmed. c. some sellers benefit, and some sellers are harmed. d. all sellers benefit.