Refer to the above figure. Which point represents the second highest level of utility?
A. Point A
B. Point B
C. Point C
D. Point D
Answer: B
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Which of the following best describes the capture theory of regulation?
i. Regulation seeks an efficient use of resources. ii. Regulation is aimed at keeping prices as low as possible. iii. Regulation helps firms maximize economic profit. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
The opportunity cost of holding money is:
A. heavy and awkward. B. the probability of theft or loss. C. the ease of conducting everyday business. D. the return that could have been earned from holding wealth in other assets.
In an open economy, aggregate demand is the sum of
A) consumer expenditure, actual investment spending, and government spending. B) consumer expenditure, planned investment spending, and government spending. C) consumer expenditure, actual investment spending, government spending, and net exports. D) consumer expenditure, planned investment spending, government spending, and net exports.
Which of the following would shift the supply curve for a product to the right?
a. an increase in the price of a resource used in the good's production b. the expectation of a higher price in the near future c. an increase in the price of the product d. an increase in the price of an alternative good e. an improvement in the technology for producing the good