When the marginal product curve is downward sloping, the average product curve
A) must also be downward sloping.
B) might be either upward or downward sloping.
C) must be upward sloping.
D) must be horizontal.
B
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Fill in the blank: In the economic way of thinking, ________ are the key to help people coordinate production and consumption plans
A) abundant levels of natural resources B) well-meaning and inspired economic planners C) market-formed prices D) years of training in economic theory
The above figure shows how an individual evaluates a bet in which he or she has a 0.5 probability of receiving $20 and a 0.5 probability of receiving $200. The individual would be indifferent between
A) $110 with certainty or the expected value of the bet. B) $80 with certainty or the expected value of the bet. C) $200 with certainty or the expected value of the bet. D) $20 with certainty or the expected value of the bet.
The negative impact of government debt on the economy is mitigated by ________
A) the impact of the debt on national saving B) government spending on schools and highways C) the interest rate effects of government budget deficits D) the phenomenon of crowding-out
Considering the information in the table shown, if Jack decides to consume bundle D, we can conclude that Jack:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. still has money left to spend.
B. is not maximizing his utility.
C. could consume more of both goods.
D. All of these are true.