Which of the following is part of an economic model?
A) norms
B) hypotheses
C) opinions
D) preferences of economic agents
Answer: B
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Answer the following statement(s) true (T) or false (F)
1. A utility maximizing person gets marginal utility from consuming their last pencil and pen of 4 and 10 respectively. If pencils cost 10 cents a piece, the pens must cost 25 cents a piece. 2. A utility maximizing person gets marginal utility of 20 from consuming their last piece of bread and of 10 from consuming their last glass of milk. If a piece of bread costs 5 cents, then a glass of milk must cost 20 cents. 3. When a consumer spends all of the income, it must be true that they are maximizing utility.
Fred recently lost his job as a teller at the bank. The bank explained that they were replacing Frank and others with ATM machines. Fred falls into a category of unemployment known as
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Refer to Figure 13-13. Economies of scale are exhausted at which output level?
A) Q1 units B) Q2 units C) Q3 units D) more than Q1 units