Consumers face tradeoffs except at the point where the indifference curve is tangent to the budget line
a. True
b. False
Indicate whether the statement is true or false
False
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Contributions to and payments from Social Security
a. represent transfers from the young to the elderly b. represent transfers from the elderly to the young c. are voluntary d. represent transfers from high-income to low-income people e. are part of the government's public goods purchases
The GDP deflator is
A. the least used index because it is so costly to calculate. B. an index that utilizes a consumer's market basket of goods in calculating the inflation rate. C. the most general indicator of inflation since it measures changes in the prices of all goods and services in the economy. D. an index used to calculate inflation at the wholesale level.
In the economic way of thinking,
A) buyers compete against other buyers, sellers cooperate with other sellers, and buyers cooperate with sellers. B) buyers cooperate with other buyers, sellers cooperate with other sellers, and buyers compete with sellers. C) buyers compete against other buyers, sellers compete against other sellers, and buyers cooperate with sellers. D) buyers cooperate with other buyers, sellers cooperate with other sellers, and buyers cooperate with sellers.
Graphs are useful because of the way they: a. facilitate interpretation and analysis of data
b. clarify interpretation and analysis of ideas. c. permit a person to more easily see relationships. d. do all of the above.