Alison is deciding how to spend the next hour. We ask her to rate the utility she would get from an hour of each activity. She would get utility of 4 from an hour of reading, utility of 2 from an hour of playing video games, and utility of 6 from jogging. Based on this information, economists could predict that Alison will:
A. read.
B. play video games.
C. go jogging.
D. do nothing, since none of the activities give her utility greater than 10.
C. go jogging.
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Which resource is the main contributor to economic growth in the United States, Latin America, and South Asia?
A) growth in physical capital B) growth in human capital C) growth in labor D) growth in natural resources
The best example of a frictionally unemployed worker is one who: a. has been looking for work for 27 weeks or longer
b. is laid off during a recessionary period in the economy. c. is in the process of voluntarily switching jobs. d. is discouraged and not actively seeking work. e. cannot find a job that matches with his skills.
Government intervention in the farm economy that aims to create for farmers a constant or near constant level of purchasing power is called
a. partial rationing b. parity pricing c. income allotments d. price ceilings e. deficiency subsidization
If aggregate demand had grown faster than it did from 2009 to 2010, then the U.S. economy would have experienced
A. higher unemployment and higher inflation. B. lower unemployment and lower inflation. C. higher unemployment and lower inflation. D. lower unemployment and higher inflation.