Autonomous consumption is
A. 0.
B. 1000.
C. 2000.
D. 3000.
D. 3000.
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The word "util" has been used by economists in the past as an objective measure of utility. Today economists believe that
A) the util truly is an objective, rather than a subjective, measure of utility. B) utility can be measured objectively because people can use prices of different goods to measure utility. C) utility cannot be measured objectively. D) all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively.
The most fundamental proposition of modern portfolio theory is that
A) investment risk is reduced by investing in on security. B) the smaller the standard deviation is, the larger is the risk of a portfolio. C) even though an asset is risky in isolation, when combined with other assets the risk of the portfolio is less, perhaps even zero. D) uncertain outcomes make for risky investments.
Wage discrimination means workers with equal productivity are paid unequal wages, or workers with unequal productivity are paid equal wages
a. True b. False Indicate whether the statement is true or false
Assume that five oligopolists begin with a common price of p = $15. One of the firms raises its price to $18. What are the other four firms likely to do, based on the theory of the kinked demand curve?
A. Raise their prices also, but by less than $3 B. Raise their prices by $3 C. Keep their prices the same D. Lower their prices by less than $3