In microeconomic term, the ability of a good or a service to satisfy wants is called:
A. opportunity cost.
B. utility.
C. profit potential.
D. utility maximization.
Answer: B. utility.
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In effect, tariffs on imports are:
A. special taxes on domestic producers. B. subsidies to domestic consumers. C. subsidies to foreign producers. D. subsidies for domestic producers.
Assume Belgium can produce 5 units of good X or 2 units of good Y. Germany can produce 4 units of good X or 3 units of good Y. What would be the terms of trade between Belgium and Germany for 1 unit of good Y?
A. Between 5/2 and 4 units of X. B. Between 4/3 and 5/2 units of X. C. Between 4/3 and 5 units of X. D. Between 4 and 5 units of X.
A firm that discriminates against black labor will certainly
A. hire no workers. B. hire all black workers. C. earn less profit than it could earn if it did not discriminate. D. hire all white workers. E. hire a mix of black and white workers.
There are ________ members of the FOMC.
A. 5 B. 7 C. 12 D. 19