Recall the Application about declining U.S. labor force participation rate since 1999 to answer the following question(s). According to this Application, one explanation for the decline in the U.S. labor force participation rate since 1999 is:
A. the decline in the overall population.
B. the increasing number of retiring baby boomers.
C. the increase in immigration to the United States.
D. the increase in outsourcing by U.S. companies.
Answer: B
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The situation in which a person places greater value on a good as fewer and fewer people possess it is called
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
If free international trade is compromised by the imposition of an import quota or tariff,
a. all of the following are true b. import-competing producers in the country that imposes the tariff or quota will be able to sell a larger quantity at higher prices c. consumers of import goods will obtain a larger quantity at lower prices d. workers in export industries will find more jobs e. consumers of export goods will obtain a larger quantity, although only at higher prices
Monopoly rights give inventors and entrepreneurs incentives to innovate and create new products and services.
Answer the following statement true (T) or false (F)
An indifference map states:
A. indifference curves farther from the origin yield higher levels of total utility. B. that the consumer's income varies with the level of the indifference curve. C. indifference curves closer to the origin yield higher levels of total utility. D. that the points on either parts of indifference curves are preferred to the midpoint.