Someone who turns down an opportunity to purchase a Bible for $5 and then immediately pays $5 to attend a movie thereby expects to obtain more satisfaction from seeing the movie than from
A) cultivating the spiritual life.
B) deepening his religious faith.
C) owning the Bible just offered to him.
D) reading the Bible.
C
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The federal courts are increasingly willing to tolerate resale price maintenance agreements between manufacturers and retailers
A) when they are necessary to prevent predatory pricing. B) when they enable small businesses to survive more profitably. C) when they provide retailers with incentive to supply customer services desired by manufacturers. D) whenever both parties voluntarily agree on them. E) whenever they are necessary to cover sunk costs.
What happens to marginal productivity as workers who are equally good at their job are added to a firm?
a. The increase in workers will eventually cause marginal product to fall. b. Marginal product will rise at a steady rate. c. Marginal product will neither rise nor fall. d. Product quality will improve as the new workers gain experience.
Which of the following events occurred during the 1996-2000 time-frame and had an important impact on the deficit/surplus projections?
A. A dramatic increase in the rate of unemployment. B. A dramatic increase in the price of oil. C. A dramatic increase in the rate of inflation. D. A dramatic increase in the value of most major stock markets.
The slope of the long-run Phillips curve is thought by many economists to be:
A. horizontal. B. downward sloping. C. vertical. D. backward bending.