Every society faces trade-offs. Explain the concept of trade-offs
What will be an ideal response?
Trade-offs refer to the idea that, because of scarcity, producing more of one good or service means producing less of another good or service.
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A natural monopolist's ability to price its product is
a. constrained by the market demand curve. b. constrained by market supply. c. not affected by market demand. d. enhanced by regulatory control of the government.
If people were perfectly rational, they would:
A. only care about real prices. B. only care about nominal prices. C. care about both real and nominal prices. D. not care about prices at all.
If marginal utility is zero, total utility is
A) falling. B) zero. C) at its maximum. D) negative.
An example of automatic stabilizers is
A. government spending falling during an expansion. B. government spending falling during a recession. C. deficit targeting. D. taxes falling in an expansion.