Are there many good substitutes for water?
A) No, because living creatures die without water.
B) No, even though there are many substitute ways to obtain water.
C) Yes, because water is recycled by nature.
D) Yes, because water is used for so many different and trivial purposes.
E) Yes, because water may be found in many forms other than its pure form.
D
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Refer to Goods X and Y. If the marginal rate of good X in terms of good Y is large, then the indifference curve will be
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. convex. b. concave. c. steep. d. flat.
Consider the perfectly competitive firm in the above figure. The profit maximizing level of output for the firm is equal to
A) 0 units. B) 14 units. C) 17 units. D) 19 units.
The short-run aggregate supply curve is drawn with: a. the price level on the vertical axis and real GDP on the horizontal axis
b. the price level on the vertical axis and nominal GDP on the horizontal axis. c. nominal GDP on the vertical axis and real GDP on the horizontal axis. d. real GDP on the horizontal axis and the rate of unemployment on the vertical axis.
Which of the following statements is correct?
a. Less than three percent of families are categorized as poor for eight years or more. b. In the United States, the grandson of a millionaire is much more likely to be rich than the grandson of an average-income person. c. The majority of millionaires in the United States inherited their wealth. d. Most workers have about the same income (adjusted for inflation) when they are young as when they are middle-aged.