What is an indifference curve?
A) It is a curve that shows the combinations of consumption bundles that give the consumer the same utility.
B) It is a curve that shows the total utility and the marginal utility derived from consuming a bundle of goods.
C) It is a curve that ranks a consumer's preference for various consumption bundles.
D) It is a curve that shows the tradeoff a consumer faces among different combinations of consumption bundles.
A
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It is possible for the United States to compete against cheap foreign labor because expensive domestic workers
A) pay U.S. taxes. B) receive subsidies. C) are more productive. D) belong to unions.
Once the federal funds rate is reduced to zero, conventional restrictive monetary policy is no longer an option
a. True b. False Indicate whether the statement is true or false
Alternative Outputs from One Day of Labor Wheat (in bushels) Textiles (in yards) United States 12 3 Great Britain 3 12 According to the table above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles. d. should export textiles to Great Britain. e. none of the above
Answer the following questions true (T) or false (F)
1. Between 1981 and 2015, deaths from cancer have increased in the United States. 2. Changes in the health of the average person are relatively unimportant as an indicator of changes in the standard of living. 3. Since 1981, deaths from cardiovascular diseases have decreased in the United States.