If you care not only about your own income level but also about your relatives' income level, with increasing concern for them as they get poorer, then your indifference curves (defined over your income level and that of your relatives)
A. will be negatively sloped, and concave from above.
B. will be negatively sloped and linear.
C. will be positively sloped, and concave from the origin.
D. cannot be specified until more information is provided.
Answer: A
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Which prices are used to measure goods and services in calculating the nominal GDP?
A) average prices B) past years prices C) current prices D) projected prices
Subprime mortgages are
A) mortgages issued to borrowers who fail to document that their incomes are high enough to afford their mortgages. B) mortgages issued to borrowers with flawed credit histories. C) mortgages which are bundled together by financial institutions and sold to investors. D) government-backed mortgages issued by Fannie Mae and Freddie Mac.
The primary difference between private goods and public goods is that
A. private goods are consumed by private individuals whereas public goods are not consumed by private individuals. B. private goods often yield externalities but public goods do not. C. property rights can be assigned to public goods but not to private goods. D. public goods are nonrivalrous in consumption whereas private goods are rivalrous in consumption.
According to Habakkuk (1962), the high price of western lands before the Homestead Act (1862) kept workmen in the eastern manufacturing cities and thus slowed down the rate of adoption of labor-saving technology
Indicate whether the statement is true or false