If a firm experiences economies of scope, per unit production costs fall as it produces more and more of its product
a. True
b. False
B
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When a consumer is impatient, his indifference curves for current and future consumption
a. are flatter than the budget line at the endowment point. b. must be straight lines. c. have absolute slopes less than 1 along the 45° line. d. have absolute slopes greater than 1 along the 45° line.
A consumer with a limited income will maximize utility when each good is purchased in amounts such that the
A. marginal utility of each good in a bundle is maximized. B. total utility is the same for each good in a bundle. C. marginal utility per dollar spent on each of the final choices in a bundle is equal. D. marginal utility per dollar spent on each of the final choices in a bundle is maximized for each good.
If the multiplier is 10, the MPC is
A. 0. B. .1. C. .5. D. .9.
Consumers can reduce their information disadvantage by investigating consumer satisfaction surveys.
Answer the following statement true (T) or false (F)