According to economists, the satisfaction people get from their consumption activities is called:
A. a need.
B. demand.
C. a want.
D. utility.
Answer: D
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Can economic theory prove national restrictions on international trade will reduce global welfare?
A) No, but it can demonstrate that they will reduce the welfare of the nations that impose the restrictions. B) No, but it can demonstrate that they reduce efficiency. C) No, but it can predict which groups will be made worse off or better off. D) Yes, if welfare is defined as economic welfare.
Which of the following statements is (are) correct? During the existence of the Euro (1999-),
a. borrowing from abroad financed large excesses of merchandise imports over exports in the U.S. b. the United States has continued to be the world's largest debtor nation. c. the dollar initially appreciated but then depreciated strongly since 2001 against the euro. d. All of the above
Assuming the market is in equilibrium in the graph shown with demand D and supply S1, total surplus is:
A. greater than total surplus when market is in equilibrium at D and S2.
B. less than total surplus when market is in equilibrium at D and S2.
C. the same as total surplus when market is in equilibrium at D and S2.
D. zero.
Monopolies, whose market position is based on exclusive access to resources, eventually lose their monopoly power when there is
a. increasing brand loyalty on the part of consumers b. an expiration in their patents c. a development of new technologies d. exclusive access to resources e. a negative cross elasticity with other goods in the market