Along the same indifference curve, MRS is ________ as more of one good is obtained.
A. decreasing
B. constant
C. increasing
D. varying irregularly
Answer: A
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What is the likely effect in an economy when total spending is too low?
a. inflation b. tax increases c. unemployment d. efficiency
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
The _______ equates the value of a life to the market value of the output produced by an individual during his / her expected lifetime.
A) willingness-to-pay approach B) cost-benefit approach C) cost-effectiveness approach D) human capital approach E) cost-utility approach
Which of the following government programs will NOT create a surplus?
A. farm price support payments B. the minimum wage law C. usury laws D. a price floor above the equilibrium price