Labor is the _____ that can be applied to production.
A) the natural environment.
B) produced resources.
C) financial assets.
D) human effort.
Ans: D) human effort.
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At the utility maximizing equilibrium for two goods, X and Y, which of the following must be TRUE?
A) The marginal utility per dollar spent on X will exceed the marginal utility per dollar spent on Y. B) The total expenditure will be the same for each good. C) The marginal utility per dollar from X equals the marginal utility per dollar from Y. D) The marginal utility will be the same for each good.
The government is pursuing an expansionary fiscal policy if it
a. decreases government spending and increases taxes. b. increases government spending or increases taxes. c. decreases government spending or reduces taxes. d. increases government spending and/or reduces taxes.