Only at the point of consumer equilibrium does the marginal rate of substitution (MRS) equal the:
a. slope of the budget line.
b. slope of the indifference curve.
c. price ratio.
d. all of these.
d
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What are the characteristics of those who migrate to urban areas? What positive and negative effects does their leaving have on those who remain?
What will be an ideal response?
An example of physical capital is:
A. a tractor. B. a high-yield seed varietal. C. a farmer. D. All of these are examples of physical capital.
Tacit collusion
A. is more likely to be successful in increasing industry profits when there are a few, similar firms in the industry. B. is more likely to effectively raise prices in the industry when demand is elastic. C. occurs when firms engage in formal agreements to reduce output and increase prices in their industry. D. is legal under the U.S. antitrust laws.
From the 1950s to the 2010s, transfer payments' share of GDP
A. remained fairly steady. B. steadily decreased. C. steadily increased. D. increased during Democratic administrations and decreased during Republican administrations.