Exam 3: Economic Decision Makers.

Goods and services produced by the government are sold at prices that are set to recover production costs.

Households act as suppliers when they provide _____

If 1 U.S. dollar costs 0.8 euros, then 1 euro must cost _____ U.S. dollars.

If real wage decreases, the opportunity cost of working in the home will _____

You are more likely to repair a leaky drainpipe yourself than hire a plumber if _____.

The satisfaction received from consumption is known as _____

Which of the following resources generates the largest share of household income in the United States?

Which of the following has displaced some household production?

Which of the following is primarily a function of the federal government?

The statement "households maximize utility" means that households _____

Taxes collected on the basis of the benefits-received principle _____

Households supply four basic types of resources. They include all of the following except _____

The primary source of revenue for local governments is property tax.

An external benefit is a benefit from an activity that falls on a third party that is not involved in the activity.

A realized capital gain is:

Which of the following is a defining characteristic of a public good?

What determines exchange rates?

The largest share of household income in the United States comes from _____

Households now produce ____for themselves and demand _____ from the market.

Despite specialization and comparative advantage, household production still exists because for some households _____.