The rate of capacity utilization is a principal determinant of autonomous investment
Indicate whether the statement is true or false
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As an economy's capital stock increases, the economy
A) generally experiences increased unemployment of other resources, such as labor. B) generally decides to engage in international trade. C) experiences economic growth. D) gains an absolute advantage in the production of capital goods.
It is possible that class discrimination has become a stronger force in American society than racial discrimination
Indicate whether the statement is true or false
If the slope of the budget line is steeper than the slope of the indifference curve, and X is on the horizontal axis:
A. the consumer is willing to give up more of good X to get an additional unit of good Y than is necessary under the current market prices. B. MRS = ?PX/PY. C. MRS > PX/PY. D. the consumer is willing to give up more of good Y to get an additional unit of good X than is necessary under the current market prices.
With regard to the characteristics of production indifference curves, which of the following statements is/are NOT true?
A. Higher curves correspond to larger outputs. B. An indifference curve will generally have a negative slope. C. An indifference curve is typically assumed to curve inward toward the origin near its middle. D. All of the responses are true for production indifference curves.