A _________________ in an Edgeworth Exchange box identifies all the efficient ways of dividing the two goods between the consumers.
Fill in the blank(s) with the appropriate word(s).
Ans: Contract Curve
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Which one of the following is NOT a key trade-off a society faces?
A) Who gets the goods and services B) Who produces the goods and services C) Which goods and services to produce D) How to produce
Which of the following causes a movement along a supply curve?
A) a change in resource costs B) a change in technology C) a change in the price D) all of the above
When the price of milk rises, there is no change in the amount of dog food purchased. This is an example of:
A. indifference trade-off between the two goods. B. the interaction between two correlated goods. C. two items that are uncorrelated. D. the value people place on dogs versus milk.
Which of the following is correct?
a. Nominal GDP is always less than real GDP. b. Nominal GDP is always greater than real GDP. c. Nominal GDP equals real GDP in the base year. d. Nominal GDP equals real GDP in all years but the base year.