Vicki consumes meatloaf and pizza. To keep her utility constant, you must give her more of one good if you take some of the other away. This information implies that
a. Vicki's marginal rate of substitution must be constant along her indifference curve.
b. Vicki's indifference curve must have a negative slope.
c. the prices Vicki must pay for meatloaf and pizza are always the same.
d. Vicki's marginal utility from each good must be constant along her indifference curve.
b
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Which of the following strategies does your text suggest would allow a poorer nation to "catch up" to richer nations?
A) Unionization B) Higher minimum wages C) Lower interest rates D) Adoption of advanced technology E) Minimizing imports and maximizing exports
The quantity theory of money predicts how changes in
A) the price level affect nominal GDP. B) the price level affect real GDP. C) the quantity of money affect the price level. D) real GDP affect the nominal GDP.
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A) 3.33% B) 5% C) 33% D) 50%
Which of the following does not contribute to low farm productivity in poor nations?
A. Limited infrastructure. B. Lack of machinery. C. Inferior technology. D. Lack of effort.