The negative slope of an indifference curve means that the consumer must give up quantity of one good as the quantity of another good increases in order for total utility to ____
a. remain constant.
b. increase
c. decrease
d. normalize.
a
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Implicit costs refer to
a. out-of-pocket expenses b. all readily identified expenditures c. incremental costs of policy d. none of the above
Which of the following would make a reasonable hypothesis to test?
A) Rising inflation is bad for the U.S. economy. B) An inflation rate above 4% is dangerous for the British economy. C) As interest rates increase, eventually the inflation rate will decline. D) Increases in inflation are worse for the U.S. economy than are increases in public sector borrowing.
The net effect of checks in the process of collection represents
a. payment float b. availability float c. net float d. cash in hand e. none of these
Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to decrease from point b to point a?
A. an increase in the price of wheat B. a subsidy for wheat production C. a decrease in the price of wheat D. a tax on wheat production