Which of the following is NOT a characteristic of a typical indifference curve?
A. The curve shows all combinations of goods that give the consumer the same level of utility.
B. The curve will shift out if income increases.
C. As a consumer has less of a good, he is less willing to exchange less of it for one more unit of another good.
D. The marginal rate of substitution is measured by the slope of the tangent to the curve.
Answer: B
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If the growth rate of multifactor productivity is 2.5, and b = 0.25, k = 4, n = 2, and y = 5, then the growth rate of labor productivity is
A) 3.0. B) 8.0. C) 2.0. D) 2.5.
Early efforts by states to regulate the railroads:
a. resulted in "Granger laws." b. resulted in laws that were initially supported by the railroads. c. outlawed product discrimination. d. allowed for higher charges on short haul freight.
In the poorest nations, agriculture is likely to contribute as much as ________ percent to total output.
A. 30 B. 55 C. 85 D. 10
Explain how usury laws can distort the market for funds. What is the most likely result if a usury law is passed and enforced?
What will be an ideal response?