Employing utilitarianism as a measure of the public interest _____
a. is inconsistent with the concept of a social welfare function
b. attempts to minimize the problems associated with market failure
c. attempts to maximize total utility in a society
d. avoids comparing individual's utilities
c
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In the circular flow model, the factor markets are the markets in which
A) consumption goods and services are bought and sold. B) government goods and services are provided. C) land, labor, capital, and entrepreneurship are bought and sold. D) investment goods and services are bought and sold. E) governments impose all their taxes.
An increase in lifetime wealth
A) increase current labor supply and increase current consumption demand. B) increase current labor supply and decrease current consumption demand. C) decrease current labor supply and increase current consumption demand. D) decrease current labor supply and decrease current consumption demand.
Bank reserves can be viewed as:
a. Profitable assets in a bank's portfolio. b. Taxes on profits. c. Assets that all banks should have in excess, if they want relatively high profits and relatively low risks. d. All the above.
Answer the following statement(s) true (T) or false (F)
1. There are many events that will have an effect on the supply curve but not much of an impact on the demand curve. 2. An increase in demand for a product will eventually cause a lower equilibrium price. 3. Sellers compete to sell a surplus by reducing the price. 4. Supply and demand rarely shift in the same period of time.