The marginal rate of substitution is determined by the slope of an indifference curve
Indicate whether the statement is true or false
TRUE
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If the farm adopted a new technology, which allows it to use fewer resources to fatten chickens, explain how the farm's production possibilities will change. Explain how the opportunity cost of producing a bushel of soybean will be affected
What will be an ideal response?
Product _______ may create _______ trade between countries, particularly in those with similar relative factor endowments.
A) homogeneity; the absence of B) differentiation; one-way C) differentiation; two-way D) liability; two-way
The percentage of the population in the two higher income classes (defined by Pew as having more than 200% of median family income) declined from more than 60% in the 1970s to 50% in 2015. Economists that see the decline in the middle class as a cause of declining growth argue
A. the middle class is responsible for most of the investment dollars available. B. that middle-class is generated by growth and without it, there are fewer middle-class jobs. C. the middle class is responsible for buying a high portion of the goods and services produced. D. if the poor can't afford goods, less will be produced.
For 2016, the maximum taxable income for Social Security purposes is
A. $118,500. B. $97,500. C. unlimited. D. $51,125.