A curve that connects all the consumption combinations that yield the same level of utility is known as
A. a budget line.
B. an indifference curve.
C. an isoquant.
D. a yield curve.
Answer: B
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Which of the following assertions, if proven true in a court of law, would help Archer-Daniels-Midland, a maker of corn syrup, in its attempt to acquire another corn syrup producer, the Clinton Corn Processing Company?
A) Archer-Daniels-Midland is a dominant producer of corn syrup. B) There are no good substitutes for corn syrup for any of its major uses. C) Archer-Daniels-Midland and the Clinton Corn Processing Company together hold only a small share of the market for sweeteners including corn syrup and sugar. D) Archer-Daniels-Midland produces many other different agricultural products, in addition to corn syrup.
Which of the following is not an example of a transfer payment?
A. social security. B. unemployment benefits. C. workman's compensation. D. sales tax.
With respect to the market clearing price and the equilibrium quantity of good B, increases in the demand for and the supply of good B will definitely
A) increase the market clearing price of good X but have an uncertain impact on the equilibrium quantity of B. B) reduce the market clearing price and the equilibrium quantity of good B. C) increase the market clearing price and the equilibrium quantity of good B. D) increase the equilibrium quantity of good X but have an uncertain impact on the market clearing price of B.
Which one of the following is an example of discretionary fiscal policy used to correct an inflationary gap?
A. an agreement among major banks to lower interest rates B. decrease in the money supply by the Federal Reserve C. an increase in government expenditures approved by Congress D. a tax increase passed into law by Congress