A risk-averse person's expected utility function is
A) decreasing.
B) convex.
C) concave.
D) a straight line.
C
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The values on the axes of the long-run aggregate supply diagram are
A) real GDP and interest rates. B) real GDP per year and the price level. C) nominal GDP and the price level. D) real GDP and nominal GDP.
It is sometime useful to view each step in the supply chain as a(n)
A) single market. B) integrated process. C) horizontal process. D) vertical process.
Which of the following relationships reflect the law of supply?
a. an increase in QS => a decrease in Price b. a decrease in Price => an increase in supply c. an increase in Price => an increase in QS d. a decrease in Price => an increase in QS
Do all valuable items have price tags?
a. No, because some valuable items have no opportunity cost. b. Yes, because everything has its price. c. Yes, because price is the measure of opportunity cost. d. No, some have no explicit price on them. e. Yes, because only items that can be sold in markets have value.