An upward sloping indifference curve defined over two goods violates which of the following assumptions from the theory of consumer behavior?
A) transitivity.
B) preferences are complete.
C) more is preferred to less.
D) all of the above
E) none of the above
C
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Employment discrimination leads to the _________________ of labor.
Fill in the blank(s) with the appropriate word(s).
Firm A producing one good acquires another firm B producing another good. The cross price elasticity of demand for the goods owned by each firm is -1.4 . Holding other things constant, the acquiring firm should
a. Raise prices on both goods b. Lower prices on both goods c. Raise price on the acquired good only d. Need more information
The Great Depression provided support for Keynes' view that
a. government action was necessary to ensure interest rates remained at the equilibrium level. b. prolonged periods of unemployment would be present when demand is deficient. c. falling resource prices would bring the economy out of a recession. d. lower interest rates would quickly restore the full employment equilibrium of an economy.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.