Refer to the information provided in Figure 7.10 below to answer the question(s) that follow. 
Figure 7.10Refer to Figure 7.10. The slope of the isocost line (in absolute value) is
A. greater than 1.
B. less than one.
C. equal to 1.
D. equal to 0.
Answer: B
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Efficiency wages paid to workers:
A) equal the lowest pay that workers would accept. B) are wages above the lowest pay that workers would accept. C) equal the marginal revenue product of the workers. D) are wages adjusted for changes in the price level.
Which of the following is the correct way to calculate marginal utility per dollar?
a. Total utility/price b. Change in total utility/price c. Marginal utility/price d. Quantity/price
Other things constant, a decrease in nominal GDP will generally
a. increase the demand for money. b. decrease the demand for money. c. increase the nominal interest rate. d. decrease the money supply.
Stewie spends all of his income on movie rentals (R) and noodles (N). His marginal rate of substitution for rentals with noodles is given by MRSRN = 20/?R. Suppose that movies rent for $2 and noodles cost $1. Plot his income-consumption curve, his Engle curve for movie rentals and his Engel curve for noodles.
What will be an ideal response?