When disposable income rises, autonomous consumption ___________.
Fill in the blank(s) with the appropriate word(s).
stays the same
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Refer to Figure 1A.1. The slope of the line between the points where hours worked per week are 20 and hours worked per week are 30 is
A) 0.2. B) 5. C) 10. D) 50.
When competitive forces in an industry are weak,
a. the absence of competition generally leads to overproduction. b. prices may exceed the amount consumers are willing to pay. c. the operational efficiency of private firms will be enhanced. d. higher prices and less than optimal production may result.
When a dinner in Bulgaria costs 120 Bulgarian levas, it will cost a U.S. resident ________ dollars, if the exchange rate is 1.2 Bulgarian levas to the dollar.
A. $10 B. $100 C. $120 D. $150
A consumer's willingness to trade one good for another can be expressed by the consumer's
A) indifference curve. B) marginal rate of substitution. C) Both A and B above. D) None of the above.