Which of the following are most likely to have indifference curves that are L-shaped?
A. Coke and Pepsi
B. Ice cream and frozen yogurt
C. A white shirt and a blue shirt
D. Your textbook and its study guide
Answer: D
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Real GDP means GDP:
a. valued at prices in a base year. b. that does not change from year to year. c. corrected for changes in quality. d. valued at prices at which goods are actually sold.
Utilitarianism is
a. a liberal religion that focuses on individual rights. b. a political philosophy that believes the government should choose policies deemed to be just by an impartial observer. c. a political philosophy that believes the government should not redistribute income. d. a political philosophy that believes the government should choose policies to maximize the total utility of society.
If a business that produces athletic shoes sees its average variable cost drop as it produces more shoes, which of the following must be true?
a. The marginal cost of producing the additional shoes was less than the firm’s average variable cost. b. The cost of rubber is relatively stable despite increasing demand. c. The business is successfully increasing its total number of workers. d. In the long run material costs decline because they are spread over larger output.
Which of the following markets best illustrates the practice of price discrimination?
A. The airline market. B. Wheat farming. C. The personal computer market. D. The fast-food market.