When considering her budget, the highest indifference curve that a consumer can reach is the
a. one that is tangent to the budget constraint.
b. indifference curve farthest from the origin
c. indifference curve that intersects the budget constraint in at least two places.
d. None of the above is correct.
a
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The length of time until a bond matures is called the
a. perpetuity. b. term. c. maturity. d. intermediation.
Which is a correct statement?
a. Cyclical unemployment is also called wait unemployment because this unemployment depends on the timing of the business cycle b. Structural unemployment is unemployment resulting from changes in the structure of consumer demand or technology c. Search unemployment is the broadest unemployment category because it covers all other types of unemployment d. Frictional unemployment is the result of frictions between labor and management over how best to perform work
Lemonade, a good with many close substitutes, should have an own price elasticity that is:
A. relatively inelastic. B. perfectly inelastic. C. unitary. D. relatively elastic.
According to the above figure for a gasoline market, an increase in the price from $2 to $4 will result in
A. a shortage of 30 million gallons. B. an increase in quantity demanded of 10 million gallons. C. an increase in demand of 20 million gallons. D. an increase in quantity supplied of 20 million gallons.