As long as the marginal utilities per dollar obtained from the last unit of all products consumed are the same, _____
a. the consumer is in equilibrium and will not reallocate income
b. the consumer is not in equilibrium and will reallocate income
c. the consumer is most likely operating a budget deficit
d. the consumer is not maximizing utility
e. the government will recognize this as an intolerable disequilibrium and will most likely intervene by imposing a tax and reallocate the consumer's income
a
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If the number of potential workers in an economy increases while the size of the labor force remains unchanged, ________
A) the labor force participation rate will fall B) the labor force participation rate will remain unaffected C) the labor force participation rate will increase D) the natural rate of unemployment will increase
What was the typical policy of the British colonies toward the practice of "squatting" or freely settling and cultivating the land without any formal transfer of ownership?
(a) Squatting was encouraged by colonial officials as a way to encourage settlement of the land. (b) Squatting was discouraged by colonial officials because of the legal ownership of land by the Indians. (c) Squatting was generally discouraged by colonial officials; formal transfer of ownership to settlers was required because the British Crown and their designated officials claimed ownership to the land. (d) There was no general policy toward the practice of "squatting"; it was left to the individual settlers.
The residual demand curve is
A) the market demand minus the supply of other firms. B) the remaining demand after the market clears. C) the market demand minus the supply of one firm. D) the long-run demand for a market.
A local restaurant offers an "all-you-can-eat" salad bar for $3.49. However, with any sandwich, a customer can add the "all-you-can-eat" salad bar for $1.49. This is an example of
A) peak-load pricing. B) second-degree price discrimination. C) a two-part tariff. D) tying. E) none of the above