A ____ is a graph whose axes show the quantities of two inputs that are used to produce some output.
A. production indifference map
B. two-variable diagram
C. scalar diagram
D. time-series graph
Answer: A
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Positive externality refers to a situation where a third party, outside the transaction, benefits from a market transaction by others
a. True b. False Indicate whether the statement is true or false
Suppose society consists of four individuals: Andy, Bill, Carl, and David. Andy has $20,000 of income, Bill has $40,000 of income, Carl has $60,000 of income, and David has $80,000 of income. A utilitarian would argue that
a. taking $1 from Bill and giving it to Carl would increase society's total utility. b. taking $1 from Carl and giving it to Andy would increase society's total utility. c. taking $1 from Carl and giving it to David would increase society's total utility. d. taking $1 from Bill and giving it to David would increase society's total utility.
Which of the following is an example of human capital?
a. the comfortable chair in your dorm room where you read economics texts b. the amount you get paid each week to work at the library c. the things you have learned this semester d. any capital goods that require a human to be present to operate
Which of the following is a category of national income?
A. net interest B. corporate profits C. rental income D. All of these