Tastes of individuals are represented by
A) indifference curves.
B) production possibility frontiers.
C) isovalue lines.
D) production functions.
E) the terms of trade.
A
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Most consumers in stores use marginal analysis to make their buying decisions.
Answer the following statement true (T) or false (F)
An increase in capital will increase real GNP per person
a. more in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is from domestic rather than foreign investment. b. more in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is foreign rather than from domestic investment. c. less in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is from domestic rather than foreign investment. d. less in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is foreign rather than from domestic investment.
If the number of people with the skills necessary to perform a job decreases, labor ________ shifts to the ________.
A. demand; left B. demand; right C. supply; left D. supply; right
When government spending is less than the tax revenues during a specific time period, this is known as a
A. government budget deficit. B. government budget surplus. C. balanced budget. D. public debt.