Along an indifference curve for goods X and Y, the vertical and horizontal axes measure the:
a. prices of X and Y.
b. total utilities of X and Y.
c. quantities of X and Y.
d. marginal utilities of X and Y.
c
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Internal economies of scale arise when the cost per unit
A) falls as the average firm grows larger. B) rises as the industry grows larger. C) falls as the industry grows larger. D) rises as the average firm grows larger. E) remains constant over a broad range of output.
How will the following affect the reliability of a consumer price index if the consumer price index's base year hasn't changed in 25 years? a . Consumers collect and use frequent-flyer miles to buy airline tickets. b. Legislation passes that allows
consumers to request generic instead of name brand drugs. c. Old camcorders have black and white viewfinders, while newer models have color viewfinders.
A total product curve shows the
a. aggregate output of many firms in an industry. b. amount of product consumers will take off the market. c. maximum amount of product that it is technically possible to produce. d. relationship between units of inputs and total output.