An indifference map states:
A. indifference curves farther from the origin yield higher levels of total utility.
B. that the consumer's income varies with the level of the indifference curve.
C. indifference curves closer to the origin yield higher levels of total utility.
D. that the points on either parts of indifference curves are preferred to the midpoint.
Answer: A
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Specialization and international trade will
A. make a nation consume a combination on its production possibilities frontier. B. allow a nation to consume beyond its production possibilities frontier. C. move a nation to a point inside its production possibilities frontier. D. result in a rightward shift of a nation's production possibilities frontier.
Which of the following pairs of equations describes the supply and demand curves given in the accompanying demand and supply tables?PriceQuantity SuppliedQuantity Demanded$003$102$211$320$430$540
A. Qs = P ? 1; Qd = 3 ? P, respectively B. Qs = 1; Qd = 1 ? 3P, respectively C. Qs = P; Qd = 3 ? 3P, respectively D. Qs = P + 1; Qd = 3 ? P, respectively
What are the accurate coordinates of the old equilibrium price?
a. P1; Q2
b. P1 Q1
c. P2; Q1
d. P2; Q2
The aggregate demand curve sloping downward can be explained in part through:
A. the negative relationship between the price level and government spending. B. the positive relationship between the price level and net exports. C. the wealth effect. D. All of these are true.