In terms of utility theory, "equilibrium" in the real world means that
a. households are consuming as much of every commodity as they would like
b. households have spent their incomes in such a way that their overall satisfaction is maximized
c. households have spent their incomes in such a way that their marginal utility is maximized
d. households have spent their incomes in such a way that their marginal utility is zero for every product consumed
e. households have spent their incomes in such a way that their total utility is zero
B
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Refer to the payoff matrix below. Which of the following is true for Happy Campers?
A) The Low strategy dominates the Middle strategy
B) The High strategy dominates the Low strategy.
C) The Low strategy dominates the High strategy.
D) The Middle strategy dominates the Low strategy.
Which of the following addresses agency costs
a. advertising for employee positions in as many outlets as possible b. hiring only from job fairs c. instituting longer work days d. replacing closed offices with cubical office spaces
The Federal National Mortgage Association (FNMA), also known as Fannie Mae, was established in ________to ____________ demand in the housing market
A) 1970; increase B) 1938; increase C) 1938; decrease D) 1970; decrease
As of 2013, to be in the top quintile for income distribution in the United States, a household needed in income at least
A. $52,000. B. $117,000. C. $140,000. D. $85,000.