A line is tangent to a curve if it
a. crosses the curve at one point
b. touches the curve at one point, without crossing it
c. crosses the curve at a minimum of two points
d. never touches the curve
e. forms a right triangle with the curve
B
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Refer to Table 2-10. What is Fred's opportunity cost of making a pogo stick?
A) 6/7 of a pogo stick B) 1/2 of a unicycle C) 1/3 of a unicycle D) 3 unicycles
The aggregate expenditure model focuses on the relationship between ________ and ________ in the short run, assuming ________ is constant
A) total income; real GDP; the price level B) total spending; real GDP; the price level C) total production; total income; real GDP D) total spending; real GDP; total income
So-called fallen angels differ from junk bonds in that
A) junk bonds refer to newly issued bonds with low credit ratings, whereas fallen angels refer to previously issued bonds that have had their credit ratings fall below Baa. B) junk bonds refer to previously issued bonds that have had their credit ratings fall below Baa, whereas fallen angels refer to newly issued bonds with low credit ratings. C) junk bonds have ratings below Baa, whereas fallen angels have ratings below C. D) fallen angels have ratings below Baa, whereas junk bonds have ratings below C.
The reason that you don't drink five cups of coffee at breakfast is that
a. the marginal utility of extra cups of coffee eventually diminishes b. most people cannot afford five cups c. the total utility of coffee rises as you consume more cups d. the price of coffee rises as you buy more cups e. the marginal satisfaction derived from cups of coffee remains constant