Assume that a consumer's indifference curve is a downward-sloping straight line. As the consumer moves from left to right along the horizontal axis, the consumer's marginal rate of substitution
a. increases.
b. decreases.
c. remains constant.
d. increases, then decreases.
c
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On the eve of the Civil War, cotton was the major crop in the Old South
Indicate whether the statement is true or false
A major advantage of the ________ production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method
A) cubic B) power C) quadratic D) None of the above
Microeconomics deals with the analysis of all the following questions except how:
a. the wages of carpenters are determined. b. high did unemployment rise during the Great Depression. c. does Ford decide how to price its cars. d. does a college student decide how to spend her income. e. do monopolies and competitive markets differ.
A government annually collects $230 billion in tax revenue and allocates $70 billion to military spending. What percentage of this government's budget is spent on its military?
a. 27.50% b. 36.63% c. 30.43% d. 41.90%