In general, an increase in price could be caused by either:
a. an increase in demand or a decrease in supply.
b. an increase in demand or an increase in supply.
c. a decrease in demand or an increase in supply.
d. an increase in demand or an increase in supply.
a
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A nation that currently has a surplus in its current account is called a
A) creditor nation. B) debtor nation. C) net borrower. D) net lender. E) capital account surplus nation.
If the marginal utility to Juan of sleeping an extra hour (from 8 a.m. to 9 a.m.) is negative,
A. Juan is better off getting up at 8 a.m. B. Juan is better off getting up at 9 a.m. C. Juan’s total utility from sleeping must be negative. D. Juan’s average utility from every hour he sleeps must be negative.
A monopoly can price discriminate between two groups of consumers if each group has ________
A) a large consumer surplus B) a different willingness to pay C) the same willingness to pay D) the ability to resell the good to the other group
People and organizations have to make choices about how to allocate time and money because
a. government requires it b. corporations control our lives c. time and money are both scarce d. religious values conflict with economics e. there are unlimited resources