The marginal rate of transformation is the
A. dollar value of the best forgone alternative.
B. transformation of resources into a form that is useful to people.
C. process of using resources to produce new capital.
D. slope of the production possibility frontier.
Answer: D
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Government spending on a transfer payment is illustrated by
a. interstate highways b. elementary and high school education c. community colleges d. land-grant universities e. agricultural subsidies
If you receive $18 worth of pleasure from the first hole of golf played and your additional pleasure from succeeding holes drops $1 for each hole played, if the cost per hole is zero, how many holes of golf will you play?
A. 19 B. 18 C. 17 D. 16
Consumer equilibrium occurs where the budget line is tangent to the:
A. lowest possible indifference curve. B. highest possible indifference curve. C. utility maximizing indifference curve. D. utility equalization indifference curve.
The Security Market Line depicts the relationship between the:
A. average expected rate of return on stocks and the average expected rate of return on bonds. B. average expected rate of return of a financial asset and the discount rate. C. risk level of a financial asset and the prime interest rate. D. average expected rate of return and risk level of a financial asset.