A decision made by a rational person
A) is intended to make the person worse off.
B) would always make the person wealthier.
C) is identical to a decision that would be made by any other person facing the same choices.
D) is intended to make the person better off.
Answer: D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Are we really rational consumers? If so, how do you explain the fact that every Thanksgiving many of us eat until we get sick! The answer must be that
a. the negative utility associated with being sick is greater than the positive utility of getting sick b. at the time of the eating, the utility of the turkey and stuffing minus the utility of the anticipated after-eating discomfort is still positive c. the utility of the turkey and stuffing at the time of eating minus the utility of the after-eating discomfort felt after the meal was eaten is still negative d. the total utility of eating the meal far outweighs the marginal utility of the discomfort felt after the meal e. the marginal utility of eating the meal far outweighs the total utility of the discomfort felt after the meal
When a country allows trade and becomes an importer of a good,
a. both domestic producers and domestic consumers become better off. b. domestic producers become better off, and domestic consumers become worse off. c. domestic producers become worse off, and domestic consumers become better off. d. both domestic producers and domestic consumers become worse off.
The OPEC cartel quadrupled the price of oil in late 1973 and early 1974 by
A. increasing the world demand for oil. B. decreasing the world supply of oil. C. decreasing the world demand for oil. D. increasing the world supply of oil.