Consumer surplus
a. is closely related to the supply curve for a product.
b. is represented by a rectangle on a supply-demand graph when the demand curve is a straight, downward-sloping line.
c. is measured using the demand curve for a product.
d. does not reflect economic well-being in most markets.
c
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The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen. Bob is
A) risk averse. B) risk neutral. C) risk loving. D) risk premium.
In the above table, what is the marginal physical product of worker 5?
A) 8 B) 10 C) 11 D) 7
Unemployment rates in many continental European countries have been consistently higher compared to the United States. The difference is mostly
a. due to differing monetary policies b. cyclical unemployment c. frictional unemployment d. structural unemployment e. seasonal unemployment
Income elasticity of demand for a good has been calculated as - 4.0, therefore the good is:
(a) A substitute good. (b) A necessity. (c) A complementary good. (d) An inferior good.