Which of the following statement(s) is (are) false?
A) The slope of any indifference curve is the MRS.
B) The slope of any budget line is negative and related to the ratio of the prices of the goods.
C) The slope of any linear demand curve is the own-price elasticity.
D) None of the above (that is, all statements are true).
Answer: C
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Which of the following does not hinder economic development?
a. Low birth rates. b. Low GDP that limits saving and investment. c. Lack of knowledge. d. Lack of technology. e. Lack of physical capital.
If a nation has a higher level of technology than another nation it means that they will be able to produce:
A. more outputs with the same inputs. B. less with the same amount of physical capital. C. more with no capital. D. the same output with the same level of inputs.
Which of the following factors of production is not variable in the long run?
a. the size of the firm's plant b. land c. highly skilled labor d. All factors are variable in the long run.
Reducing transfer payments is an appropriate way to counteract a recessionary gap
a. True b. False Indicate whether the statement is true or false