When analyzing graphically the relationship between more than two variables, which of the following must be used?
A) the assumption that only relevant factors change
B) positive slope assumption
C) assumption of little change
D) negative slope assumption
E) ceteris paribus
E
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In the figure above, firms
A) pay taxes directly to governments. B) sell goods and services to governments in goods markets. C) receive transfers from governments through factor markets. D) own factors of production. E) do all of the above.
A change in the slope of a budget constraint indicates:
A) a change in the price of either good that causes a change in the opportunity cost. B) a change in the consumer's income. C) a change in the price of either good without a change in the opportunity cost. D) a change in the consumer's tastes and preferences.
What is the measure of the income received by owners of resources used in making final goods and services?
a. factor payments b. product payments c. indirect earnings d. direct earnings
One reason that college graduates earn higher wages than non-graduates is because:
A. college graduation serves as a signal of the individual's productivity. B. there are no additional skills learned in college that increase productivity. C. college graduates are always less intelligent than non-college graduates. D. college graduates are less equipped to deal with technological change, as their skills are technology-specific.