An indifference map shows
A. A set of budget constraints and one indifference curve.
B. A set of indifference curves.
C. One indifference curve.
D. A set of indifference curves and a set of budget constraints.
Answer: B
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If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
Some people drop out of the labor force during times of recession:
A. to go back to college, because the opportunity cost is lower during a recession. B. because they cannot find work and give up trying. C. and decide to take early retirement. D. All of these are true.
What does a production possibilities curve show?
What will be an ideal response?
In the above table, what is the average total cost to produce 4 units of output?
A. $20 B. $55 C. $60 D. $30