The difference between household assets and liabilities is referred to as:
A. Debt
B. Income
C. Net worth
D. Expenditures
C. Net worth
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Which of the following statements is correct?
A. The “law” of diminishing marginal utility implies that demand curves slope upward and to the right. B. If the price of a good falls, the utility-maximizing consumer will assure that marginal utility rises. C. If the price of a good falls, the consumer will purchase more of the good in order to maximize total utility. D. MU and demand have different underlying consumer behavior assumptions.
Are all points inside the production possibilities frontier unattainable?
What will be an ideal response?
Unlike the 1920–21 episode, 1929–30 farm prices stood up fairly well when other prices fell
Indicate whether the statement is true or false
Most economists agree that a large federal budget deficit has what type of effect on the economy?