The idea that all potentially available alternatives can be ordered according to a consumer's preferences is called:
A. the consumption principle.
B. the ranking principle.
C. the choice principle.
D. the more-is-better principle.
B. the ranking principle.
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The debt-to-GDP ratio increases when the primary deficit ________ or when seigniorage ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
If net exports fall, what actions could a central bank take to stabilize the economy?
Suppose wages increase but employment decreases. These changes most likely were caused by:
A. a decrease in labor demand. B. a decrease in labor supply. C. an increase in labor demand. D. an increase in labor supply.
Which of the following is NOT true of utility?
A) It represents the want-satisfying power of a good. B) It is measured using a representative unit called a util. C) The utility that a good provides depends on a consumer's preferences. D) Utility can be measured objectively.