Refer to the figure above. Which apartment is the best feasible choice for the individual?
A) Apartment 1 B) Apartment 2 C) Apartment 3 D) Apartment 4
C
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If the production possibilities frontier for two goods is shown as a straight line, this implies that
A. there is no trade-off between the two goods. B. the principle of increasing costs is present. C. the slope of the production possibilities frontier is increasing. D. there are no specialized resources used in the production of these goods.
Suppose that during 2009, the actual real GDP of Chile was 3.5 billion pesos at the same time the potential GDP was 3.4 billion pesos. What sort of equilibrium existed in Chile?
What will be an ideal response?
As long as firms currently in a monopolistically competitive market are earning profits:
A. more firms will leave the market before the profits are competed away. B. the government will step in to regulate prices to ensure they stay competitive. C. the firm will lower its price to keep out competitors. D. more firms will enter the market with products that are close substitutes.
The classical errors-in-variables (CEV) assumption is that _____.
A. the error term in a regression model is correlated with all observed explanatory variables B. the error term in a regression model is uncorrelated with all observed explanatory variables C. the measurement error is correlated with the unobserved explanatory variable D. the measurement error is uncorrelated with the unobserved explanatory variable