Which of the following allows us to determine the value of average consumption spending?
a. leading economic indicators
b. representative household analysis
c. indexing
d. ratio analysis
b
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Refer to the scenario above. Which of the following would have happened if the government had decided to provide an export subsidy on these crops?
A) Domestic producers would have been worse off. B) Domestic consumers would have been worse off. C) The government's revenue would have increased. D) The volume of exports would have increased.
In order to acquire more of a good we must sacrifice production of another good, because resources are in limited supply. This illustrates the concept of: a. the division of labor. b. ceteris paribus
c. opportunity cost. d. specialization.
When total utility falls, marginal utility is _____.
a. ?at its maximum b. ?positive c. ?negative d. ?infinite e. ?zero
Figure 34-9
?
In Figure 34-9, at price OC total quantity demanded exceeds quantity supplied and price will rise to
A. OJ in Pastaland. B. OA in Pestoland. C. OA in both countries. D. OJ in both countries.