Attractive industries have all the following, except
a. High supplier power
b. Low buyer power
c. High entry barriers
d. Low rivalry
a
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A consumer's budget line shows
a. the utility that an individual would receive from consuming various combinations of two goods b. the combinations of two goods that an individual is able to purchase, given prices and income c. how income is influenced by prices of goods d. how changes in income affect utility e. the relationship between prices and income
Improvements in the level of technology will generally shift the production function downward
a. True b. False Indicate whether the statement is true or false
Which of the following can be the best measure of the standard of living in a country?
a. Nominal GDP plus information about non-market indicators such as health and education b. Real GDP plus information about non-market indicators such as health and education c. GDP deflator plus information about base year pricing d. Per capita GDP plus information about non-market indicators such as health and education
Which of the following will cause a decrease in market equilibrium price and a decrease in equilibrium quantity?
A. an increase in demand B. a decrease in supply C. an increase in supply D. a decrease in demand