The utility of a specific product:
A. is determined by consumer income.
B. varies from person to person using the product.
C. is constant from person to person using the product.
D. is determined by the price of the product.
Answer: B
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If the federal government tries to make fiscal policy sustainable by increasing seigniorage, the economy would experience ________ and will result in ________ potential GDP
A) a decrease in the growth rate of the money supply; lower B) an increase in the growth rate of the money supply; higher C) an increase in inflation; lower D) a decrease in the real interest rate; higher
Suppose Susan can wash three windows per hour or she can iron six shirts per hour. Paul can wash two windows per hour or he can iron five shirts per hour
a. Susan has an absolute advantage over Paul in washing windows. b. Susan has a comparative advantage over Paul in washing windows. c. Paul has a comparative advantage over Susan in ironing shirts. d. All of the above are correct.
"Left" gloves and "right" gloves provide a good example of
a. perfect substitutes. b. perfect complements. c. negatively sloped indifference curves. d. positively sloped indifference curves.
Some nations try to nurture and encourage new firms with lots of promise, so they protect them from foreign competition. This is called the _________ argument for trade protection.
a. home nation unemployment b. level playing field c. efficiency d. infant industry