What is the fastest-growing component of consumption in the United States?
A. new home construction
B. nondurable goods
C. durable goods
D. services
Answer: D
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The most threatening and damaging detrimental externality at issue today is:
a. The explosion and oil spill at the Deepwater Horizon b. the continued pollution of city air due to factory emissions c. water shortages d. global warming
When a minimum-wage law forces the wage to remain above the equilibrium level, it
a. raises both the quantity of labor supplied and the quantity of labor demanded compared to the equilibrium level. b. raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level. c. reduces the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level. d. reduces both the quantity of labor supplied and the quantity of labor demanded compared to the equilibrium level.
If water is essential for life, while diamonds are not, then why is water cheaper than diamonds?
A. Because the marginal utility of water is high but the total utility is low. B. Because the total utility generated by diamonds is larger than the total utility generated by water. C. Because most people do not understand their total need for water. D. Because water is abundant, the marginal utility of water is low, and price reflects marginal utility, not total utility.
The AD shortfall is the amount of additional aggregate demand needed to achieve full employment after allowing for
A. Feedback effects. B. Fiscal stimulus. C. Multiplier effects. D. Price level changes.