The marginal rate of substitution is ________, the ________ is the ________
A) greater; flatter; indifference curve
B) greater; steeper; budget line
C) smaller; steeper; indifference curve
D) smaller; flatter; indifference curve
D
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The contention that tariffs should be imposed to protect from import competition an industry that is trying to get started is
A) a basic argument for free trade. B) the infant industry argument. C) dumping. D) a voluntary restraint agreement.
The income effect in the work-leisure model induces a person to work less in response to higher wages, which tends to make the labor-supply curve slope backward
a. True b. False Indicate whether the statement is true or false
Savings deposits are included in
a. M1 but not M2. b. M2 but not M1. c. M1 and M2. d. neither M1 nor M2.
To eliminate an inflationary gap, the aggregate demand curve should
A. shift outward. B. become vertical. C. become horizontal. D. shift inward.