An economic theory is also known as an economic
A) model.
B) prediction.
C) conclusion.
D) assumption.
A
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If two bundles are on the same indifference curve, then
A) the consumer derives the same level of utility from each. B) the consumer derives the same level of ordinal utility from each but not the same level of cardinal utility. C) no comparison can be made between the two bundles since utility cannot really be measured. D) B and C.
Marginal utility is always ______ total utility.
a. greater than b. less than c. equal to d. irrelevant to
When a Japanese resident buys a good or service from a U.S. producer, there is a(n)
A. decrease in the demand for yen in the foreign exchange market. B. decrease in the supply of yen in the foreign exchange market. C. increase in the demand for yen in the foreign exchange market. D. increase in the supply of yen in the foreign exchange market.
________ portion of actual world trade patterns results from different factor endowments between countries.
A. No B. A significant C. A small D. A negative