If an indifference map for a consumer is made up of straight, negatively sloped lines, the goods are
A) perfect complements.
B) unrelated.
C) perfect substitutes.
D) not desirable.
C
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The natural unemployment rate occurs
A) at the full employment level of unemployment. B) when the structural unemployment rate equals zero. C) when the frictional unemployment rate equals zero. D) when the sum of frictional and structural unemployment equals zero. E) when the unemployment rate equals zero.
For a given supply curve, the more inelastic the demand for a good,
a. the more of an excise tax that is paid by sellers. b. the less an excise tax is shifted. c. the smaller the burden of an excise tax. d. the more of an excise tax that is paid by buyers. e. the smaller the increase in market price following imposition of an excise tax
When economists speak of scarcity, they are referring to the
A) condition in which society is not employing all its resources in an efficient way. B) condition in which people's wants outstrip the limited resources available to satisfy those wants. C) economic condition that exists in only very poor countries of the world. D) condition in which society produces too many frivolous goods and not enough socially desirable goods.
As a monopolist increases its output, it finds that its total revenue at first increases, and that after some output level is reached, its total revenue begins to decrease.
Answer the following statement true (T) or false (F)