A set of indifference curves on a graph is called
A) a difference map.
B) an indifference map.
C) a budget map.
D) a cluster.
Answer: B
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Which of the following helps explain why real GDP is inversely related to the price level within the framework of the AD-AS model?
a. As prices fall, domestic consumers have an incentive to buy more of the cheaper goods and services. b. As prices fall, the monetary authorities will have to increase the money supply, which will lead to an increase in the quantity of goods and services purchased. c. As prices fall, the government will have to reduce taxes, which will lead to an increase in the quantity of goods and services purchased. d. As prices fall, the wealth of people holding the fixed quantity of money increases, causing them to expand their purchases of goods and services.
A(n) ____ is a price taker
a. monopoly firm b. oligopoly firm c. perfectly competitive firm d. monopolistically competitive firm e. duopoly firm
A typical consumer consumes both coffee and donuts. After the consumer's income decreases, the consumer consumes more coffee but fewer donuts than before. For this consumer, donuts are a normal good, but coffee is an inferior good
a. True b. False Indicate whether the statement is true or false
Holding the mean constant, the larger the standard deviation, the ________ the gamble will be.
A. less risky B. more risky C. higher utility D. None of the statements is correct.