Use consumer indifference curves and budget lines to show the optimal consumption curves for a normal good and for an inferior good. (Use two graphs.) Be sure your graphs are completely and correctly labeled.
What will be an ideal response?
The graphs should look like Figure 5-11 in the text for the normal good and Figure 5-12 for the inferior good.
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The sample average is a random variable and
A) is a single number and as a result cannot have a distribution. B) has a probability distribution called its sampling distribution. C) has a probability distribution called the standard normal distribution. D) has a probability distribution that is the same as for the Y1,..., Yn i.i.d. variables.
The influence of technological change on market structure
a. invariably leads to domination by a few firms b. depends on whether it increases or decreases minimum efficient scale c. tends to increase concentration d. depends on whether it increases or decreases the product's value e. depends on foreign competition
A resource the United States lacked in the 20th century and had to import was:
A. land. B. labor. C. minerals. D. technological creativity.
The U.S. has a mixed economy because
A. the government helps in answering the three basic questions of economics: what, how and for whom. B. the laissez faire market system lacks government intervention. C. all goods and services are provided privately. D. the central planning body makes all market decisions.