Given its size, the United States does not have to worry about limitations on resources
a. True
b. False
Indicate whether the statement is true or false
False
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Quotas, such as limiting the amount of residential water use during a drought, restricts an individual's preference set and
A) reduces utility because an individual cannot consume as much as they would without the quota. B) increases utility because quotas restrict output and raise profits for the water company. C) reduces utility because an individual is forced to substitute to other goods. D) does not affect overall utility.
Jon's income-consumption curve is a straight line from the origin with a positive slope. Now suppose that Jon's preferences change such that his income-consumption curve remains a straight line but rotates 15 degrees clockwise
Jon's demand curve for the good on the horizontal axis A) will shift left. B) will shift right. C) will not change. D) might do any of the above.
Positive economics encourages value judgments.
a. true b. false
A market in which profit opportunities are eliminated almost instantaneously is
A. an efficient market. B. a capitalist market. C. a laissez-faire market. D. a socialist market.