The slope of an indifference curve is equal to the ratio of the ____ of the good on the horizontal axis to the ____ of the good on the vertical axis.
A. marginal product; marginal product
B. marginal utility; marginal utility
C. price; price
D. total utility; price
Answer: B
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Along a straight line, the value of y is always equal to the value of x. The slope of the line is
A) -1. B) 0. C) 1. D) infinite.
In the above, as the y variable increases
A) the x variable is constant. B) the x variable increases. C) the x variable decreases. D) the x variable at first increases but then decreases.
Although highly unlikely in the real world, in a perfectly balanced oligopoly with eight firms, the market share of each firm is
a. 16.2 percent b. 14.0 percent c. 13.5 percent d. 12.5 percent e. 8.0 percent
Nominal GDP was $10,624 billion in year 1 and the GDP price index was 104. Nominal GDP was $11,246 in year 2 and the GDP deflator that year was 106. What was real GDP in years 1 and 2, respectively?
a. $9,983 billion and $10,111 billion b. $10,215 billion and $10,609 billion c. $10,022 billion and $10,813 billion d. $10,624 billion and $11,246 billion