In the (consumption,leisure) space, indifference curves as we have assumed them are
A) downward sloping and bowed out of the origin.
B) downward sloping and bowed towards the origin.
C) upward sloping and bowed out of the origin.
D) upward sloping and bowed towards the origin.
B
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If the relative price of S in terms of T is 2 and S has a nominal price of $1, then the nominal price of T is
A) $2. B) 50 cents. C) 1/2 S. D) Need more information to answer.
Suppose an economy is in a steady state, then its saving rate falls, once and permanently. As the economy approaches its new long-run steady state, consumption per worker is ________
A) falling B) rising C) unaffected D) either rising or falling
Refer to the table below. If the cost per unit of advertising is constant at $600, what is the level of advertising per week that maximizes the industry joint profit?
Suppose the egg industry is made up of only the three farms above; Happy Chickens, Special Chickens, and Superior Chickens.
A) 4
B) 2
C) 1
D) 3
The only rental house available at your favorite lake on July 4th is out of your price range. This is an example of:
A. a resource constraint. B. why you should have a yard sale. C. why everyone isn't already doing it. D. an infringement upon your freedoms enjoyed as a patriotic American.