How is a production indifference map helpful?
A production indifference map is a graph whose axes show the quantities of two inputs that are used to produce some output. A curve in the graph corresponds to some given quantity of that output, and the different points on that curve show the different quantities of the two inputs that are enough to produce the given output.
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During a recession the unemployment rate generally ________ and during an expansion the unemployment rate generally ________
A) rises; rises B) rises; falls C) rises; does not change D) falls; rises E) does not change; falls
It is a mistake to calculate the cost per mile of owning a car because doing so implies
A) additional driving will lower the cost of owning a car. B) future fuel and maintenance costs cannot be predicted. C) marginal costs are the only relevant costs. D) opportunities will not arise to sell the car.
Suppose you have a choice of working full-time during the summer or going full-time to summer school. Summer tuition and books are $2,200 . If you worked, you could make $7,000 . Your rent is $1,000 for the summer, regardless of your choice. The opportunity cost of going to summer school is, therefore,
a. $2,200 b. $7,000 c. $8,000 d. $9,200 e. $10,200
In 2010, Social Security pay-ins exceeded payouts in the U.S., for the first time in history
Indicate whether the statement is true or false