Positive marginal utility implies increasing total utility
Indicate whether the statement is true or false
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Recall the Application. If country A has a lower overall income tax rate than country B, and labor can freely and easily move between the two countries, ________ in country B will tend to ________
A) labor supply; decrease B) labor demand; decrease C) labor demand; increase D) labor supply; increase
If expectations are rational, can monetary and fiscal policy makers accurately control the effects their policies have on unemployment? a. Yes, provided they announce policies in advance
b. Yes, both policies are effective in altering unemployment in the desired ways. c. No, because these effects depend on whether and to what extent people are fooled by those policies. d. No, only fiscal policy can alter unemployment.
When economists say the quantity supplied of a product has decreased, they mean the
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.
A production possibilities curve measures cost in terms of dollars spent, not in terms of sacrificed alternatives.
a. true b. false