Moving down along an indifference curve:
a. total utility remains constant
b. total utility decreases.
c. total utility increases.
d. total utility first decreases and then increases.
a
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A substitute is a good
A) that can be used in place of another good. B) that is not used in place of another good. C) of lower quality than another good. D) of higher quality than another good.
If the AVC is $12, the AFC is $4, the AR is $20, and output is 6,000 units, the total profit is
a. $72,000. b. $48,000. c. $24,000. d. negative $96,000.
The price tag on a tennis ball in 1975 read $0.10, and the price tag on a tennis ball in 2005 read $1.00. The CPI in 1975 was 52.3, and the CPI in 2005 was 191.3. Refer to Scenario 24-1. The price of a 1975 tennis ball in 2005 dollars is
a. $0.03. b. $0.27. c. $0.37. d. $1.00.
Most trade groups contain countries in the same area of the world, even though neighboring countries usually lack a common history and interests.
a. true b. false