In the figure above, the MRS at point A is ________ the MRS at point B
A) equal to
B) less than
C) greater than
D) not able to be compared to
C
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If the general level of prices is lower than business decision makers anticipated when they entered into long-term contracts for raw materials and other resources, which of the following is most likely to occur?
a. An economic boom. b. Highly attractive profit margins. c. An actual rate of unemployment that is greater than the natural rate of unemployment d. A sharp increase in imports.
According to official statistics in the United States, a person is classified as poor
A. if the person's money income is below the poverty income threshold. B. only if the person's money income is below the poverty income threshold AND the person is not working. C. only if the person's money income is below the poverty income threshold AND the person is homeless. D. if the person's money income and the value of non-cash transfers is below the poverty income threshold.
A study of mass transit systems in American cities revealed that long-run revenues generally decline after substantial fare increases. This suggests that:
A. mass transit service deteriorates in the long run as price rises. B. the demand for mass transit is price-elastic in the long run. C. there are few good substitutes for such systems in urban areas. D. the demand for mass transit is price-inelastic in the long run.
Every worker is better off making more money and having better benefits. If you concluded from that fact that all workers would be better off if a law were passed requiring a 25% increase in wages and benefits, then you would be
A. wrong because causation and correlation are not the same. B. right. C. wrong because workers operate on jealousy. D. wrong and have fallen victim to the fallacy of composition.