If two bundles of goods give a consumer the same satisfaction, the consumer must be
a. on her budget constraint.
b. in a position of equilibrium.
c. indifferent between the bundles.
d. Both a and c are correct.
c
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Suppose the price elasticity of demand for methamphetamine is -0.35
If decriminalization caused the price of methamphetamine to fall by 75 percent, what will be the percentage increase in the quantity of methamphetamine demanded? If the price elasticity is -3.5, what will be the percentage increase in quantity demanded?
Which of the following has a production process that would be considered labor intensive?
A. Hairstyling services B. Farming in a rich country C. T-shirt production D. Road construction.
The value of the marginal propensity to import for an open economy will realistically fall between zero and one.
Answer the following statement true (T) or false (F)
The U.S. Census Bureau considers in-kind transfers (such as employer provided benefits) when measuring income
a. True b. False