In the (consumption,leisure) space, indifference curves as we have assumed them have the property of presenting the highest levels of satisfaction
A) in the north-east corner.
B) in the south-east corner.
C) in the north-west corner.
D) in the south-west corner.
A
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Which of the following is true about price elasticity of supply?
A) Price elasticity of supply = Percentage change in quantity supplied / Absolute change in price B) Price elasticity of supply = Percentage change in quantity supplied / Percentage change in price C) Price elasticity of supply = Percentage change in quantity supplied × Absolute change in price D) Price elasticity of supply = Percentage change in quantity supplied × Percentage change in price
In the 1960s, the Phillips curve was ________
A) consistent with a positive relationship between inflation and unemployment B) suggestive of a temporary trade off between inflation and unemployment C) a very popular explanation for inflation fluctuations D) all of the above E) none of the above
How much is the percentage of income received by the highest quintile on line R?
During a contraction,
A) higher income tax revenues tend to automatically increase a budget deficit or reduce a budget surplus. B) higher income tax revenues tend to automatically increase a budget surplus or reduce a budget deficit. C) lower income tax revenues tend to automatically increase a budget deficit or reduce a budget surplus. D) lower income tax revenues tend to automatically increase a budget surplus or reduce a budget deficit.