Jeff and Roel like to eat pizza twice a week, burritos once a week, and steak four days a week. This variety of dinner choices illustrates the concept of:
A. instable preferences..
B. negative marginal utility.
C. diminishing marginal utility.
D. income maximization.
C. diminishing marginal utility.
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Which of the following led to the collapse of the Phillips Curve?
a. Rightward shift in the demand for labor curve b. Leftward shift of the Phillips curve c. Leftward shift of the aggregate supply curve d. Rightward shift of the aggregate demand curve.
Assume a country experiences heavy capital outflows. What is the first round effect on the value of the domestic currency?
a. The value of the currency rises. b. The value of the currency is unaffected. c. The value of the currency falls. d. The change in the value of the currency is ambiguous.
Recall the Application about the salaries paid in Major League Baseball to answer the following question(s). Some Major League Baseball players are free agents, meaning they are free to negotiate a contract with any team. Other players are journeymen and apprentices, who are restricted to a single team.Recall the Application. What was the reason that rookies on the average are paid much less than their MRPs?
A. their negotiations are restricted to only one team. B. most of their salary goes to health insurance. C. they are terrible at negotiations. D. None of them are good players, so they are paid very little.
Private goods are
A. nonrival in consumption, and their benefits are nonexcludable. B. rival in consumption, and their benefits are excludable. C. rival in consumption, and their benefits are nonexcludable. D. nonrival in consumption, and their benefits are excludable.