If goods A and B are perfect substitutes, then the marginal rate of substitution of good A for good B is constant
a. True
b. False
Indicate whether the statement is true or false
True
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Cindy's Sweaters' production function is shown in the above table. What is the marginal product of labor when the 4th worker is hired?
A) 4 sweaters per day B) 2 sweaters per day C) 20 sweaters per day D) 5 sweaters per day
Positive economic analysis is supposed to be
A) true. B) free of value judgments. C) just and fair. D) moral and honest.
Which of the following statements is consistent with a decrease in supply?
A) Prices of raw material inputs have increased. B) There has been an advance in technology. C) Consumers' incomes have increased. D) The market price has decreased.
Which of the following is true of home mortgage loans since the late 1990s?
a. Government regulations required homebuyers to make larger down payments in order to obtain a mortgage. b. Traditional fixed-rate, long-term mortgages grew in popularity. c. There was a substantial increase in the volume of mortgage loans extended with little or no down payment. d. High interest rates made it less attractive to lock in to a fixed-rate, long-term loan.