Indifference curves show all combinations of commodities that are equally desirable to the consumer
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is true of fiat money?
A) Fiat money is illegal and difficult to counterfeit. B) The raw materials required for the production of fiat money are available only in a few countries. C) Fiat money is not backed by a physical commodity. D) The technology required to produce fiat money is not widely available.
Refer to the World View article titled "North Korea's Food Shortage Grows." If North Korea reduces the size of its military and produces more food, this is most consistent with
A. The law of increasing opportunity costs. B. A laissez faire policy. C. A movement along the economy's production possibilities curve. D. Privatization.
In an industry where transportation costs are high and there are limited scale economies,
A) firms will locate close to the market. B) firms will locate close to their input sources. C) firms might locate in either area. D) firms will locate where policy makers decide.
Which of the following is not one of the new taxes imposed under the PPACA?
A. 2.9 percent excise tax on medical devices. B. 10 percent tax on indoor tanning. C. 3.8 percent tax on "junk food." D. 40 percent tax on employers providing insurance to employees in excess of $10,200 per year for individuals or $27,500 per year for families.