When choosing among products, consumers look at
A. The marginal utility per dollar and their budget constraint.
B. Only their budget.
C. The marginal utility of the good.
D. The total utility that will be gained at the end of all consumption.
Answer: A
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In the United States, globalization has caused the demand for unskilled labor to ________ and the demand for skilled labor to ________
A) decrease; increase B) decrease; decrease C) increase; increase D) increase; decrease
The value of a loan of $2,000 after a year at 2 percent interest is:
A. $2,040. B. $4,000. C. $2,400. D. $2,020.
Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, are (i) study economics, (ii) watch two half-hour TV sitcoms, (iii) play pool, and (iv) jog around town. You can only choose one activity. What is the opportunity cost of studying economics for one hour, given this information?
a. Watching two half-hour TV sitcoms. b. The sum of watching two half-hour TV sitcoms, playing pool, and doing your laundry. c. Playing pool. d. Jogging around town.
Mr. Ramirez lost his job at a steel mill due to competition from cheaper imported steel. He would be classified as
A. cyclically unemployed. B. not in the labor force. C. frictionally unemployed. D. structurally unemployed.