A curve that shows combinations of consumption bundles that give a consumer the same utility is called
A) an indifference curve. B) a utility curve.
C) a demand curve. D) a preference curve.
A
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Nominal GDP was $12.1 trillion and real GDP is $11 trillion. The GDP price index is ________
A) 90.1 B) 121.0 C) 1.10 D) 91.0 E) 110.0
Trade contributes to prosperity because: a. every country lacks some vital resources that it can get economically only by trade
b. each country's climate makes it a relatively efficient producer of some goods, and an inefficient producer of other goods. c. each country's labor force makes it a relatively efficient producer of some goods, and an inefficient producer of other goods. d. of all of the above.
If a firm collects $90 in revenue when it sells 4 units, $100 in revenue when it sells 5 units, and $105 in revenue when it sells 6 units, then one can infer the firm is a:
A. price taker. B. monopolist. C. profit maximizer. D. perfect competitor.
A technological advance that increases the marginal product of labor shifts the labor- ________ curve to the ________.
a. demand, left b. supply, left c. demand, right d. supply, right