Questions regarding income distribution are central to deciding whether a market-based economic system is efficient
Indicate whether the statement is true or false
F
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In the above figure, the slope at point b is
A) 1. B) 5/2. C) between 1 and 5/2. D) greater than 5/2.
The long-run Phillips curve is a vertical line at the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
People often choose to specialize and trade because:
A. it always allows them to produce at a point beyond their own production possibilities frontier. B. they can take advantage of another nation's poor choices. C. they can consume a bundle of goods on their production possibilities frontier. D. it will allow them to enjoy more goods than they can create on their own.
Refer to the data. If the consumer has money income of $52 and the prices of J and K are $8 and $4 respectively, the consumer will maximize her utility by purchasing:
Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K.
A. 2 units of J and 7 units of K.
B. 5 units of J and 5 units of K.
C. 4 units of J and 5 units of K.
D. 6 units of J and 3 units of K.