According to the principle of diminishing marginal utility, increases in income will create ______ happiness at ______ income levels.
a. zero; lower
b. less; upper
c. more; upper
d. less; lower
b. less; upper
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A person puts a $100 bill in the glove compartment of his car in case of an emergency. This is an example of
A) the precautionary demand for money. B) the transaction demand for money. C) the emergency investment demand for money. D) the asset demand for money.
Between two countries, comparative advantage is found by comparing the:
a. relative costs of production in each country. b. absolute costs of production in each country after accounting for inflation. c. labor hours required to produce a bundle of products in each country. d. level of interest rates in each country. e. shipping and transportation costs of each country.
Frictional unemployment is joblessness
a. related to changes in weather and similar factors b. arising from a mismatch between available jobs and workers' skills c. resulting from macroeconomic fluctuations d. that is short-term and is experienced by people who are between jobs e. that is caused by structural changes in the economy
The three problems with determining whether an equal income distribution is fair include all of the following except:
A. income differences and wealth differences are not the same. B. people's efforts differ. C. people don't start from equivalent positions. D. people's needs differ.