If the graph shown represents Steph's budget constraint, and the price of hairbands were to increase, the slope of Steph's budget constraint would become:
A. steeper, reflecting the fact that hairbands are now relatively less expensive.
B. flatter, reflecting the fact that hairbands are now relatively more expensive.
C. steeper, reflecting the fact that earrings are now relatively less expensive.
D. flatter, reflecting the fact that earrings are now relatively more expensive.
C. steeper, reflecting the fact that earrings are now relatively less expensive.
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A decrease in population growth will lead to a ________ in the steady-state capital—labor ratio and a ________ in output per worker
A) fall; fall B) fall; rise C) rise; rise D) rise; fall
Real output per capita: a. is measured by real GDP per capita
b. is total real output ( real GDP) divided by the number of persons among whom it will be distributed. c. is one measure of the average level of economic well being in a country. d. all of the above are correct.
A slight increase in the marginal cost of a firm definitely leads to a reduction in its output if the firm competes in the:
A. Cournot fashion. B. Cournot fashion and Bertrand fashion. C. Bertrand fashion. D. Sweezy fashion.
As of 2014, the ratio of exports to GDP for Netherlands was approximately equal to
A) 20%. B) 40%. C) 60%. D) 83%.