Joshua's indifference curves for two products are shown below:
Which of the following indifference curves is the most preferred?
A. U1
B. U2
C. U3
D. Unclear given the current information
Answer: C
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Taxes that change with the level of real GDP and income are called
A) flexible taxes. B) voluntary taxes. C) induced taxes. D) forced taxes. E) GDP taxes.
The measure of the effectiveness lag for a change in monetary policy is the length of time necessary for ________ of the ultimate effect to be felt
A) one-quarter B) one-half C) three-quarters D) all
In the income-expenditure framework, if planned aggregate expenditures are less than real gross domestic product (GDP), _____
a. saving will increase b. the price level will increase c. inventories will increase d. inventories will decrease e. consumption will decrease
Daryn is raking leaves to earn money for his university's economics club. In the first hour, he rakes 8 bags of leaves. In the second hour, he rakes 6 bags of leaves. If he earns $8 per hour, the value of the marginal product of the second hour of labor is $48
a. True b. False Indicate whether the statement is true or false