The optimal consumer choice is where the indifference curve
a. crosses (intersects) the budget line
b. lies above the budget line
c. lies below the budget line
d. is tangent to the budget line
e. is parallel to the budget line
D
You might also like to view...
A stable regular relation between income and the money stock as the medium of exchange presumes that
A) no interest is paid on the medium of exchange. B) as interest rates increase the amount of money held increases. C) as interest rates increase the amount of the medium of exchange held decreases. D) A and B.
Which of the following is one of the reasons for declining union membership in the United States?
A) Much of the unskilled, nonunionized work in the United States is done by immigrant workers who are undocumented. B) The AFL-CIO merger and creation of the Change to Win Federation reduced competition among unions. C) the repeal of the Taft-Hartley Act D) Labor force participation by women has decreased.
Which of the following statements best describes the problems faced by workers in low-income countries?
a. The real problem for many workers in low-income countries is that globalization has made their lives worse, and that they have so few good life alternatives. b. The real problem for many workers in low-income countries is that globalization has made their lives worse, although it has created a few good life alternatives. c. The real problem for many workers in low-income countries is not that globalization has made their lives worse, but rather that they now have so many life alternatives. d. The real problem for many workers in low-income countries is not that globalization has made their lives worse, but rather that they have so few good life alternatives.
Jamar used to work as an office manager, earning $40,000 per year. He gave up that job to start a life-coaching business. In calculating the economic profit of his life-coaching business, the $40,000 income that he gave up is counted as part of the life-coaching business's
a. total revenue. b. opportunity costs. c. explicit costs. d. marginal costs.