Points along a budget line represent the maximum combinations of two commodities that a consumer can afford.
Answer the following statement true (T) or false (F)
True
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Which is true concerning U-2?
i. It does not count marginally attached workers as unemployed. ii. It counts as unemployed workers who were laid off. iii. It is smaller than U-3. A) i only B) i and iii C) i and ii D) i, ii and iii E) ii and iii
Which of the following means that the CPI overstates the actual inflation rate?
A) new goods bias B) quality change bias C) outlet substitution bias D) All of the above cause the CPI to overstate inflation.
The above table shows Homer's total utility from boxes of doughnuts. As Homer's consumption of doughnuts increases
A) both his total utility and his marginal utility increase. B) his total utility increases, but his marginal utility decreases. C) his total utility decreases, but his marginal utility increases. D) both his total utility and his marginal utility decrease.
What is technology and what factors does it depend on?
What will be an ideal response?