In the late 13th century, Chinese money consisted of
a) stones
b) tobacco
c) beads made of sea shells
d) paper
e) gold
d) paper
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The government of Poorland increased its expenditure following a recession. This is likely to lead to ________
A) higher interest rates B) an increases in demand for labor C) a decrease in the price level D) lower real wages
Under what circumstances might it be more effective for people experiencing a negative externality to file a class-action lawsuit than attempt to resolve the problem through bargaining?
What will be an ideal response?
Marginal utility will generally decrease when:
a. more of a particular good is consumed. b. less of a particular good is consumed. c. average utility is the least. d. per capita utility is the least. e. the TU curve's slope is positive rather than negative.
Joel has a 1966 Mustang, which he sells to Susie, an avid car collector. Susie is pleased since she paid $8,000 for the car but would have been willing to pay $11,000 for the car. Susie's consumer surplus is $2,000
a. True b. False Indicate whether the statement is true or false